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P1-M shabu confiscated in Lanao del Sur

PHILSTAR FILE PHOTO

COTABATO CITY — Anti-narcotics agents seized P1 million worth of shabu after a gunfight with dealers they were supposed to entrapped in a secluded area in Wao, Lanao del Sur on Wednesday.

Gil Cesario P. Castro, director of the Philippine Drug Enforcement Agency-Bangsamoro Autonomous Region in Muslim Mindanao (PDEA-BARMM) told reporters on Thursday that they were to entrap a dealer named Paulo at Barangay Kili Kili East in Wao, but the operation turned haywire when his armed companions, positioned as lookouts, opened fire when they sensed he was to sell shabu to law-enforcement operatives.

Paulo and his companions managed to scamper away after trading shots with PDEA-BARMM agents and a joint police-Army team that helped carry out the entrapment operation that went awry.

Mr. Castro and his subordinate-agents had seized the P1 million worth shabu left by the group in the spot where the supposed trade-off was to take place.

Barangay leaders and municipal officials in Wao had assured help in filing corresponding criminal cases in absentia against Paulo and his companions, now subject of a joint manhunt by the Lanao del Sur Provincial Police Office and units of the Army’s 103rd Infantry Brigade. — John Felix M. Unson

Peso strengthens on inflows ahead of long weekend

BW FILE PHOTO

THE PESO strengthened against the dollar on Thursday amid the seasonal increase of remittances ahead of the long weekend and expectations of softer US personal consumption expenditures (PCE) price index data.

The local unit closed at P58.10 per dollar on Thursday, rising by 13 centavos from its P58.23 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session slightly stronger at P58.20 against the dollar. Its intraday best was its closing level of P58.10, while its worst showing was at P58.275 versus the greenback.

Dollars exchanged went up to $1.3 billion on Thursday from $1.24 billion on Wednesday.

The local currency was supported by the seasonal increase of remittances ahead of the long All Saints’ and Souls’ Day weekend, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso appreciated due to anticipated month-end flows and expectations of softer US PCE inflation report tonight,” a trader said in an e-mail on Thursday.

The yen traded in a narrow range on Thursday after the Bank of Japan (BoJ) left ultra-low interest rates unchanged, while the US dollar consolidated ahead of jobs data later this week and the US presidential election next week, Reuters reported.

The Japanese currency has taken a beating, down around 6% for the month as the dollar and US Treasury yields have hovered around their highest since July.

Japan’s political shake-up has only added to the yen’s woes, heightening uncertainty about the country’s fiscal and monetary policy outlook.

The BoJ stood pat on Thursday, as expected, and signaled the need to scrutinize global economic developments, highlighting its focus on risks to a fragile domestic recovery in deciding when to next tighten policy.

The yen fluctuated before gaining after the BoJ’s decision. It was last up 0.38% at 152.83, keeping close to 153 per dollar.

Analysts are divided over the prospect of additional interest rate hikes by yearend, putting the focus on BoJ Governor Kazuo Ueda’s post-meeting briefing for clues on the pace and timing of further increases.

The dollar held steady ahead of the US PCE price index for September on Thursday and the closely watched nonfarm payrolls report on Friday. Economists polled by Reuters estimate 113,000 jobs were added in October, although the number could be lower due to recent hurricanes.

But the jobs report may find itself overshadowed in the run-up to the presidential election on Tuesday.

Some investors have been putting on trades betting Republican candidate Donald Trump will win, helping to lift the greenback and US Treasury yields, although he is still neck and neck with Vice-President Kamala Harris in several polls.

The dollar index, which measures the currency against six major rivals, was flat at 104.1. It is set for its biggest monthly gains against peers since April 2022.

The euro edged down 0.03% to $1.0852 after rising as high as $1.0871 on Wednesday.

Sterling stood at $1.2956, down 0.04% so far on the day.

Elsewhere, the Australian dollar slid 0.05% to $0.65749 after domestic retail sales numbers for September missed estimates, inching up just 0.1%. Analysts had looked for a gain of 0.3% in September. — AMCS with Reuters

Index sinks to 7,100 level before long weekend

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

THE BENCHMARK INDEX sank to the 7,100 level on Thursday on profit taking ahead of the long weekend and following the release of data showing that the government’s outstanding debt reached a new record high at end-September.

The Philippine Stock Exchange index (PSEi) fell by 1.88% or 137.28 points to close at 7,142.96 on Thursday, while the broader all shares index dropped by 0.98% or 39.37 points to end at 3,957.21.

This was the PSEi’s lowest close in more than six weeks or since it ended at 7,104.20 on Sept. 16.

“The local market declined this Thursday as investors took a cautious stance ahead of the long weekend. The peso’s weakness and the negative spillovers from Wall Street weighed on today’s trading,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The PSEi corrected lower amid some healthy profit-taking ahead of the long Undas holiday weekend and a day after the outstanding National Government debt posted a new record high,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Philippine financial markets are closed on Friday (Nov. 1) for All Saints’ Day.

The National Government’s outstanding debt rose to a fresh high of P15.89 trillion as of end-September, the Bureau of the Treasury (BTr) reported on Wednesday.

Data from the BTr showed that outstanding debt jumped by 2.2% from P15.55 trillion as of end-August.

Year on year, the debt stock increased by 11.4% from P14.27 trillion a year ago.

“Philippine shares ended the last trading session in the red as investors absorbed a wave of earnings reports and awaited additional results of other companies,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The market declined as investors preferred to stay on the sidelines before the Nov. 5 US presidential election, he added.

Majority of sectoral indices closed lower on Thursday. Financials dropped by 2.7% or 64.87 points to 2,331.87; services went down by 2.43% or 54.19 points to 2,171.59; holding firms decreased by 1.47% or 90.23 points to 6,036.90; and industrials retreated by 0.8% or 80.26 points to 9,850.61.

Meanwhile, mining and oil climbed by 0.43% or 37.67 points to 8,654.31, and property rose by 0.06% or 1.81 points to 2,793.57.

“Wilcon Depot, Inc. was the top index gainer, jumping 3.87% to P16.10. International Container Terminal Services, Inc. was the worst index performer, plunging 4.58% to P396,” Mr. Tantiangco said.

Value turnover declined to P5.43 billion on Thursday with 803.18 million shares traded from the P5.5 billion with 742.78 million issues that changed hands on Wednesday.

Advancers outnumbered decliners, 97 against 88, while 56 names closed unchanged.

Net foreign selling rose to P1.31 billion on Thursday from P600.04 million on Wednesday. — R.M.D. Ochave

PHL poised for ‘takeoff’ driven by reforms, services — HSBC

Graduates attend the commencement ceremony in this photo taken on Aug. 1, 2024. — PHILIPPINE STAR/EDD GUMBAN

THE Philippine economy is expected to “take off” due to the strengths of its labor force, the pursuit of key reforms, and continued growth in its services exports, HSBC Global Research said in a report.

“The Philippines is reaping the rewards of two decades of hard-earned reform. From liberalization, fiscal, and institutional reform, we think the Philippines has one of the strongest reform narratives in ASEAN, giving the economy the stability it needs for take-off,” HSBC economist for ASEAN Aris D. Dacanay said.

Mr. Dacanay said the Philippines has “laid a solid fiscal and economic foundation that could finance the long-term investments needed to lift its economic potential.”

It cited reforms such as the Rice Tariffication Law, the Public Service Act, and the recent 12% value-added tax (VAT) on digital services.

“These reforms have given the economy the space and resources to respond accordingly and mitigate the impact of these shocks,” he added.

“While most ASEAN states are experiencing declining tax revenue collections relative to their GDP, the Philippines has improved the efficiency of its revenue base.”

The Treasury reported that revenue in the nine-month period rose 16.04% to P3.29 trillion, exceeding the P3.15-trillion target for the period by 4.53%.

“This increase in revenues has allowed the Philippines to invest in its long-term potential — which it did. While some ASEAN states are shifting their public expenditure from investments to consumer subsidies and welfare, the Philippines is boosting its economic potential through infrastructure and physical capital.”

HSBC also noted the country’s favorable demographics.

“Reforms have built the launchpad for takeoff, but demographics is the economy’s fuel. The Philippines has achieved over and above the tailwinds, with the labor market performing better than what the demographic trend would suggest.”

It expects the Philippines’ share of the working age population to peak in 2035, the latest among other ASEAN countries, which would make its demographic tailwind “long-lasting.”

“Across ASEAN, the Philippines has the most favorable demographics. From 2025 to 2035, the Philippines’ working-age population is projected to grow by as much as 15%, which will be the fastest pace in the region.”

“This demographic dividend should, in turn, boost GDP per capita and increase the absolute savings available for further investment,” it added.

HSBC expects the average incremental saving in the economy to rise by $17.7 billion annually until 2029.

Meanwhile, HSBC also noted the opportunity of services exports.

“Apart from strength in numbers, the Philippines has found a niche in exporting ‘light-asset’ services,” it said.

“In the age of digitalization, this serves as a window of opportunity for the Philippines. The advancement of the digital space has made services more tradable, unlocking the potential for services to expand to larger markets and grow. If international transport has led to a surge in manufacturing, data is the service sector’s cargo ship to the world.”

“Services exports have surpassed overseas remittances as the main driver of the Philippine economy’s current account, despite the continued growth in overseas remittances,” it said.

“From physically exporting labor to exporting services… digitalization has helped move the Philippines up the global value chain. And with the currents of the world pointing towards services, the Philippines, among ASEAN, is in the best position to catch the wave, in our view.” — Luisa Maria Jacinta C. Jocson

Gov’t agencies singled out for ‘excellent’ EoDB compliance

BW FILE PHOTO

THE Anti-Red Tape Authority (ARTA) said it conferred “excellent” ratings on 64 agencies for their compliance with the Ease of Doing Business (EoDB) Law, while noting the large number of compliance laggards subject to review of their processes.

Late Wednesday, ARTA announced the results of the Report Card Survey (RCS) 2.0, which evaluates agencies’ compliance with the law and singles out obstacles preventing access to government services.

The survey, which was conducted between November 2023 and May 2024, indicated that 7% of the 860 government offices surveyed posted scores of between 95% and 100%, demonstrating their “exceptional compliance and service delivery standards.”

It was the first time for ARTA to issue an “excellent” rating since the first edition of the report card in 2020.

However, the survey also found that 311 agencies (36%) scored below 75%, indicating the need to conduct a review of their compliance with the requirements set under the law.

Some 83 agencies (10%) were given a rating of 75% to 79.99%, 105 agencies (12%) scored between 80% and 84.99%, 81 (9%) were given ratings between 85% and 89.99%, and 96 (11%) scored 90-94.99%.

Despite the large-scale rollout, only 740 offices, or 86% of the 860 agencies, were successfully surveyed, resulting in 120 agencies not being fully assessed due to incomplete data.

“While many agencies have demonstrated excellence, there remains significant potential for growth, especially among those that need thorough reviews or improvements in compliance and service delivery,” ARTA Secretary Ernesto V. Perez said.

“The insights gained from the RCS serve as a crucial guide for both recognizing outstanding service and addressing the gaps that persist in public sector performance. Together, these initiatives can drive the continuous improvement of government services towards a Bagong Pilipinas,” he added.

For National Government agencies, the Department of the Interior and Local Government Region IV-A (Calabarzon) was given the highest rating of 100.64% out of 296 surveyed offices. It was followed by Department of Labor and Employment (DoLE) Region I (Ilocos), which scored 100.33%.

Completing the top 5 best performing National Government agencies were the Department of Social Welfare and Development Field Office 12 (99.74%), DoLE Regional Office 11 (99.33%), and the Department of Health Davao Center for Health Development (98.79%).

Meanwhile, the City Government of Imus, Cavite (94.95%); Municipal Government of Santo Domingo, Ilocos Sur (93.2%); City Government of Legazpi, Albay (91.1%); Municipal Government of Salay, Misamis Oriental (90.7%); and Provincial Government of South Cotabato (90.3%) were the top scorers out of the 200 local government units surveyed.

Of the 194 government-owned or -controlled corporations surveyed, Land Bank of the Philippines Cauayan and Talibon Branches received the highest ratings of 100.02% and 99.11%, respectively.

Completing the top 3 were the Philippine Economic Zone Authority-Cluster 2 Joint PEZA Customs Clearance Office – Davao which had a rating of 99.04%.

Among state universities and colleges, the highest scorers were Nueva Ecija University of Science and Technology – Main Campus (97.9%), Tarlac State University – Main Campus (93.76%), and Cavite State University – Main Campus (93.52%).

The Vicente Sotto Memorial Medical Center (97.42%) and Bayawan Water District (99.26%) were recognized as the top scorers out of 25 government hospitals and 50 local water districts, respectively. — Justine Irish D. Tabile

Philippines batting for chapter on MSMEs in free trade deal with European Union

REUTERS

THE PHILIPPINES is proposing a chapter on micro, small and medium enterprises (MSMEs) in its free trade agreement (FTA) with the European Union (EU), the Philippine Exporters Confederation, Inc. (Philexport) said.

In a statement on Thursday, Philexport said the MSME provision became apparent as the Department of Trade and Industry (DTI) sought industry input on the Philippines-EU FTA, the ASEAN Digital Economy Framework Agreement (DEFA), and the World Trade Organization (WTO) E-Commerce Joint Statement Initiative.

“In all the trade negotiations, the Philippine negotiating team always tries to include MSMEs in the discussions,” Philexport said, citing Trade Undersecretary Allan B. Gepty.

“The Philippines has always been a strong advocate of including an MSME chapter in the agreement. In all fora, whenever there is an opportunity, we make sure that there is always an element, provision, or, better, a chapter involving MSMEs,” it added.

The chapter on the MSME aims to ensure that both parties are aware of the role of MSMEs in global trade and the need for technical assistance and capacity-building.

According to Philexport, the Philippines hopes to conclude the FTA talks by 2026 to avoid any disruptions in its trade privileges once the Philippines loses its eligibility for the EU Generalized Scheme of Preference Plus.

“The next rounds of negotiation will be held in February, June, and October … 2025 is crucial as they hope to finish as many provisions as they can next year for the targeted conclusion of deliberations by 2026,” it added.

The proposed elements of the FTA include trade in goods, rules of origin, customs and trade facilitation, trade remedies, technical barriers to trade, sanitary measures, services and investment, digital trade, government procurement, intellectual property, and competition, subsidies, and state-owned enterprises;

MSMEs, energy and raw materials, trade and sustainable development, sustainable food systems, transparency and good regulatory practices, dispute settlement, initial, general, final, and institutional provisions, and exceptions.

The EU is expected to negotiate for maximum access for almost all of its products, particularly meat, other agricultural products, electronics, and automotive products, while the Philippines will also be pushing for the maximum access for its agricultural exports.

Meanwhile, Mr. Gepty consulted industry on the ASEAN DEFA, which is aimed at accelerating digital economy transformation.

According to the DTI, ASEAN DEFA “is a comprehensive agreement on e-commerce and digital economy, encompassing not only traditional areas of cross-border e-commerce and customs duties but also data flows and cybersecurity, payments, paperless trading, digital ID, competition, talent mobility, and other emerging topics like AI and block chains.”

Negotiations for the agreement started in September 2023 and are targeted to conclude next year.

The DTI also sought comments on the WTO E-Commerce Joint Statement Initiative, which aims to establish global digital trade rules to reap the benefits and opportunities provided by e-commerce. — Justine Irish D. Tabile

PPA sees cargo volume growth sustained this year

ICTSI

THE Philippine Ports Authority (PPA) said it expects sustained cargo volume growth this year of about 7%.

“Based on our projection by the end of the year, we are expecting our growth to remain at 7% for cargo throughput,” PPA General-Manager Jay Daniel R. Santiago said in a Viber message on Thursday.

According to preliminary data from the PPA, cargo throughput climbed to 218.28 million metric tons (MT), up 7.3% from a year earlier, driven by growth in foreign cargo.

Foreign cargo accounted for 140.21 million MT or a 64.2% share of all cargo volume; while domestic cargo accounted for 35.8% or 78.07 million MT.

In the third quarter, cargo volume rose 8.5% to 79.67 million MT.

In the nine months to September, the PPA logged imports of 80.38 million MT, with Luzon ports taking on 43.15 million MT. Exports amounted to 59.83 million MT led by Northern Mindanao ports, which shipped 28.90 million MT.

In the first nine months, the PPA said it serviced 5.72 million twenty-foot equivalent units (TEUs) of container cargo, up 3.5% from a year earlier.

The PPA said domestic containers amounted to 1.97 million TEUs, with foreign containers at 3.74 million TEUs in the nine months.

Passenger volume rose 10.3% to 60.47 million. — Ashley Erika O. Jose

DigiPlus, BingoPlus Foundation bring smiles on BingoPlus Day MassKara Festival

BingoPlus endorser, Piolo Pascual joins DigiPlus President and BingoPlus Foundation chairman Andy Tsui, DigiPlus  Director and AB Leisure Exponent President Jasper Vicencio and DigiPlus Vice President and BingoPlus Foundation COO Celeste Jovenir in announcing the Foundation’s beneficiaries across Negros Occidental during BingoPlus Day in Bacolod.

In celebration of the vibrant MassKara Festival, DigiPlus and its social development arm, BingoPlus Foundation, announced its commitments to deliver impactful grants and resources to the people of Negros Occidental during “BingoPlus Day” last Oct. 20 in Bacolod City. Through initiatives supporting education, healthcare, and indigenous livelihoods, the Foundation demonstrated its commitment to uplifting communities and fostering inclusive development. With a total donation package of P3 million, BingoPlus Foundation aims to make a lasting impact across the province.

Igniting Young Innovators – Robotics and Programming Enhanced in Cadiz 

To empower local youth with future-ready skills, BingoPlus Foundation awarded Cadiz Public Library a P500,000 grant for robotics and programming kits, alongside teacher training. The investment aims to inspire students to pursue technological innovations, like Grade 12 student Angeline, a budding inventor and a National Science and Technology Fair 2024 Top Finalist for Robotics and Intelligent Machines. A portion of the grant will enable Angeline to further develop her prototypes for a mini weather system and a breast cancer detection machine, potentially benefiting vulnerable communities.

Sustaining Karolano Indigenous Leaders – Today and Tomorrow 

To honor the Karolanos, an indigenous community in Kabangkalan, BingoPlus Foundation allocated a Php1 million grant to provide vision screening and lenses to all elders across 12 barangays who continue to farm the land and uphold their cultural heritage. Further funding will provide tablets for Karolano youth who have secured public scholarships for tuition but lack access to essential learning tools to continue their pursuit of higher education. This initiative reflects the Foundation’s dedication to bridging gaps and nurturing leaders, both present and future, for the sustained livelihood of indigenous people.

Empowering Healthcare – Valladolid District Hospital Upgraded, Patients Supported

Understanding the essential role Valladolid District Hospital plays in serving indigent patients, BingoPlus Foundation awarded a P1,500,000 grant to improve hospital facilities and patient care. Critical upgrades include hospital beds, IV stands, operating tables, wheelchairs, and other medical equipment. The hospital will designate a section as the “PLUS Center for Accessible Healthcare,” furthering the Foundation’s mission to make healthcare within reach for underserved communities. This grant will also support expenses of select indigent patients to help relieve the financial burden of life-saving procedures provided by the hospital.

Building a Stronger, Healthier Negros Occidental

Ahead of BingoPlus Day, the Foundation also supported the annual “Libre Nga Operasyon” organized by Nikki Cares Foundation last September by providing after-care kits for the recovery of surgical patients and vitamins for continued eyecare of optical patients. This followed earlier initiatives of the Foundation in June, delivering disaster relief in the wake of the Mt. Kanlaon eruption and supporting the government’s medical caravan, LAB for ALL, in Bacolod City. 

DigiPlus Interactive and BingoPlus Foundation’s initiatives in Negros Occidental exemplify its dedication to community upliftment, investing in sustainable growth, and empowering individuals. “While we deliver programs nationwide, the Foundation always considers the unique local needs of each community. Much like the beloved MassKara Festival, we hope to continue serving Filipinos with a smile and making our BingoPlus Day more meaningful to Negrenses,” said DigiPlus President and BingoPlus Foundation Chairman, Andy Tsui.

“Just as BingoPlus has achieved so many great things, so has the BingoPlus Foundation. We bring people the fun they want, but the Foundation brings the care they need,” added Rafael Jasper Vicencio, DigiPlus Director and President of AB Leisure Exponent Inc., the provider of BingoPlus.

 

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Electricity distributors in calamity areas ordered to freeze power disconnections

PHILIPPINE STAR/ MIGUEL ANTONIO DE GUZMAN

THE Energy Regulatory Commission (ERC) said on Thursday that it ordered all distribution utilities (DUs) in calamity areas to suspend electricity disconnections for unpaid bills between October and December.

The advisory follows a Presidential directive to study relief measures for power users in parts of the country hit by Severe Tropical Storm (STS) Kristine.

The ERC also directed DUs to provide flexible payment options “to help ease the financial burden on consumers as they work toward recovery from the effects of STS Kristine.”

The order applies to captive consumers with monthly consumption not exceeding 200 kilowatt-hours (kWh) during the October-December billing periods.

Affected captive customers must be allowed to pay their monthly electricity bills on a staggered basis for at least six months from the issuance of the statement of account of each bill.

“DUs may offer alternative payment terms that are mutually agreeable to both the DU and consumers whose consumption exceeds 200 kWh,” the ERC said.

“Consumers are encouraged to contact their respective DUs to inquire about the available alternative payment options or to request special terms to settle outstanding bills,” it added.

Meanwhile, the regulator ordered generators, the Power Sector Assets and Liabilities Management Corp., the National Power Corp., the National Transmission Corp., and the National Grid Corp. of the Philippines to extend the same payment scheme to the affected DUs as they encounter payment delays from affected consumers.

This also applies to independent power producers, independent power producer administrators, and the market operator.

DUs need to segregate payments from affected consumers to determine the amounts to be paid on a similar staggered basis to the respective stakeholders.

“Availment of prompt payment discounts will still be in accordance with the parties’ approved supply contract,” the ERC said.

Manila Electric Co., the sole power distributor serving Metro Manila and nearby provinces, said it suspended disconnections in areas placed under a state of calamity and will offer flexible payment arrangements to affected customers.

“Meralco… is ready to comply with the ERC’s directive to provide relief to consumers heavily affected by Kristine,” Joe R. Zaldarriaga, Meralco’s vice-president and head of corporate communications, said via Viber.

In a separate statement, the National Electrification Administration (NEA) said at least 24 electric cooperatives (ECs) sustained significant damage due to Kristine, initially estimating the damage to power infrastructure at P70.25 million.

NEA Administrator Antonio Mariano C. Almeda said that damage assessment for the storm-hit ECs is still incomplete as reports are still coming in, especially in areas that remain flooded. — Sheldeen Joy Talavera

Carbon tax seen generating essential revenue for Asia-Pacific, ADB says

REUTERS

IMPOSING a carbon tax and an emissions trading system will help generate additional revenue for Asia-Pacific countries, and will likely have little inflation impact, the Asian Development Bank (ADB) said.

“Both can provide a clear carbon-price signal, either in terms of the cost of future emissions or the quantity of expected emissions reductions,” the ADB said in its Asia-Pacific Climate Report.

“They can also generate additional revenue for governments, which can then be used to support sustainable economic growth and ‘green’ investment.”

A carbon pricing scheme pushes companies to reduce their own emissions to minimize their tax exposure. Its proceeds are usually spent on greenhouse gas mitigation projects.

“A carbon tax is not only an effective approach to reducing emissions, but can also raise significant revenues that could be redirected to the highest-value public uses,” the bank said.

The Philippines currently does not have a formal carbon pricing system. The country aims to cut its emissions by 75% by 2030 under its commitment to the Paris Agreement.

A carbon tax would not hinder economic growth and won’t accelerate inflation, the ADB said.

“The primary impact of a carbon tax is not to reduce growth but to shift the economy from high-carbon to low-carbon activities, thereby affecting the carbon intensity of the economy rather than overall gross domestic product.”

However, governments also must ensure compensation and retraining for workers that may be suffer job losses in carbon-related industries, it added. — Beatriz Marie D. Cruz

Dodgers 2024 World Champions

LOS ANGELES DODGERS — FACEBOOK.COM/MLB

Dodgers erase Game 5 deficit, stun Yankees to win World Series

NEW YORK — Mookie Betts lifted a tiebreaking sacrifice fly in the eighth inning as the Los Angeles Dodgers overcame a five-run deficit and clinched their eighth World Series title with a 7-6 victory over the New York Yankees on Wednesday night in Game 5.

Six outs away from being forced back to Los Angeles for a sixth game on Friday, the Dodgers won their second title in five seasons and first in a full season since the 1988 team stunned the Oakland Athletics.

Los Angeles also avoided becoming the first team to win the first three games of a best-of-seven Fall Classic and get taken to a sixth game.

The Dodgers trailed 6-5 entering the eighth before Yankees reliever Tommy Kahnle (1-1) allowed two singles and a walk to load the bases with no outs. Gavin Lux lifted a tying sacrifice fly to center field off Luke Weaver.

Shohei Ohtani then reached base on catcher’s interference when his bat grazed Austin Wells’ glove. Following a brief review, the call was confirmed.

On the next pitch, Betts lifted a fly ball to center fielder Aaron Judge, and Tommy Edman trotted home for a 7-6 lead.

It was the largest comeback ever in a World Series clincher, surpassing the 1925 Pittsburgh Pirates overcoming a four-run deficit in Game 7 against the Washington Senators.

Giancarlo Stanton hit a sacrifice fly in the sixth to give the Yankees a 6-5 lead after Los Angeles erased its 5-0 deficit by sending 10 to the plate in fifth. The Dodgers capitalized on physical errors by Judge and Yankees shortstop Anthony Volpe along with a mental error by Gerrit Cole, New York’s starting pitcher.

New York held a 5-0 lead and Cole had yet to allow a hit before Enrique Hernandez singled to open the fifth inning.

Edman reached when his fly ball caromed off Judge’s glove, putting runners at first and second. Will Smith followed by hitting a grounder to Volpe, whose throw bounced in front of third baseman Jazz Chisholm Jr., loading the bases with no outs.

After Cole struck out Lux and Ohtani, Betts hit a soft grounder to first baseman Anthony Rizzo. Cole went about halfway off the mound before stopping, and Betts beat Rizzo to the bag allowing the Dodgers’ first run to score.

Cole was one strike away from ending the inning with a 5-1 lead but allowed a two-run single to Freddie Freeman. Teoscar Hernandez also was one strike away from making the final out before lining a two-run double over Judge’s head, tying the game 5-5.

Los Angeles rallied after getting a short start from Jack Flaherty, who was tagged for four runs on four hits in 1 1/3 innings.

Blake Treinen (2-0) pitched 2 1/3 scoreless innings and struck out Anthony Rizzo with two on in the eighth.

Two days after winning Game 3, Walker Buehler pitched a 1-2-3 ninth for his first major league save, regular season or postseason.

Judge hit a two-run homer in the first and Chisholm followed with a solo shot. Alex Verdugo added an RBI single to chase Flaherty in the second, and Stanton homered in the third off Ryan Brasier.

Cole allowed five unearned runs on four hits in 6 2/3 innings. He struck out six and walked four. — Reuters

Freddie Freeman named 2024 World Series MVP

SCREENSHOT FROM THE OFFICIAL X (FORMERLY TWITTER) ACCOUNT OF MAJOR LEAGUE BASEBALL

NEW YORK — Los Angeles Dodgers first baseman Freddie Freeman was named Most Valuable Player (MVP) of the World Series after his team wrapped up a 4-1 series victory over the New York Yankees on Wednesday to claim their first Major League Baseball championship since 2020.

Freeman hit home runs in each of the first four games of the series, including a walk off grand slam in Game One, and finished with 12 RBI and a .300 batting average in the Fall Classic.

He delivered a two-run single as part of a five-run fifth inning on Wednesday as the Dodgers came from behind to win Game Five 7-6 in New York. — Reuters

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