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PHL bond market growth slows in Q2

GROWTH of the Philippine bond market slowed in the second quarter following a decline in corporate issuances during the period, according to the September Asia Bond Monitor issued by the Asian Development Bank (ADB).

Outstanding local currency (LCY) bonds grew 1.9% from a quarter earlier to $214 billion in the three months to June. The growth rate had been 2.2% in the first quarter, the Asia Bond Monitor reported.

Among 10 economies in Asia that posted quarter-on-quarter expansions, Indonesia’s and Singapore’s bond markets posted the strongest growth at 6.1% and 5.5%, respectively. The average for the Emerging East Asia region was 2.3% on outstanding LCY bonds. The Thai, Hong Kong and Vietnam markets contracted by 0.2%, 0.4% and 3.7%, respectively.

Year on year, the Philippine bond market grew 7.1%.

Outstanding government and Treasury bonds grew 2.8% to $178 billion in the second quarter, against the 2.7% expansion in the previous quarter. This accounted for 83.3% of the total debt stock during the period.

Bond maturities fell during the quarter, the ADB said.

Outstanding central bank securities expand 6.8% quarter on quarter to $14 billion, accounting for 6.5% of the total. The segment’s expansion slowed from the 20.2% posted a quarter earlier.

Corporate bonds contracted 7.7% to $22 billion, making up 10.2% of the Philippines’ total LCY debt stock during the period. This followed an 8.2% decline in the previous quarter.

LCY bond issuances in the Philippines contracted 15.7% quarter on quarter but rose 21.3% year on year to $45 billion at the end of June, the ADB said.

“Issuance of Treasury and other government bonds declined 51.7% q-o-q in Q2 2024 mainly due to the exceptionally high issuance volume in the previous quarter, driven by the sale of Retail Treasury bonds (RTBs) in February,” it said.

The government raised P585 billion from an offering of five-year RTBs in February, exceeding the initial P400-billion target.

Meanwhile, issuances of central bank securities grew 10.1% to $32 billion in the second quarter.

On the other hand, corporate bond issuance declined 41.2% in the quarter to $1 billion as companies held off bond issues in anticipation of lower rates in the latter part of the year.

“The largest corporate bond issuances during the quarter came from SM Prime Holdings and Energy Development Corp., which accounted for 58.0% and 23.2%, respectively, of the Q2 2024 corporate issuance total,” the ADB said.

The emerging East Asian bond market grew 15.4% to $2.55 trillion, driven mainly by government bonds.

Year on year, the regional market expanded 9.4%.

“Increased issuance of Treasury bonds in the People’s Republic of China (PRC) helped offset slower growth in the rest of emerging East Asia,” the ADB said.

Outstanding government and Treasury bonds grew 27% to $1.075 trillion in the second quarter, making up 27% of the total debt stock. This represented a pickup from the 1.3% expansion in the previous period.

“The stock of corporate bonds grew 1.5% q-o-q in Q2 2024, up from 1.2% in Q1 2024, due to increased issuance in the People’s Republic of China and most members of the Association of Southeast Asian Nations (ASEAN),” the ADB said. — Aaron Michael C. Sy

NCR building materials wholesale price growth slows in August

JCOMP-FREEPIK

WHOLESALE PRICE GROWTH of construction materials in Metro Manila eased in August, while retail price growth remained unchanged, the Philippine Statistics Authority (PSA) reported on Monday.

According to preliminary data, the PSA said the August construction materials wholesale price index (CMWPI) slowed to 0.3% from 0.5% in July and 5.6% a year earlier.

This was the weakest pace in over 14 years or since the 1.85% decline in October 2009.

Year to date, the CMWPI averaged 0.7%, significantly lower than the year-earlier 7.1%.

Robert Dan J. Roces, chief economist at Security Bank Corp., said construction materials prices in Metro Manila cooled, pointing to a lowering in project costs for builders.

“Factors like easing inflation are likely contributing to this trend,” Mr. Roces said via Viber.

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, said the slowdown in construction materials prices reflects weak demand.

The state of demand may be gleaned from weak construction permit approvals, the resulting slowdown in construction activity, and relatively high interest rates, he said via Viber.

Headline inflation in August slowed to 3.3% from 4.4% in July and 5.3% in August 2023, the weakest reading in seven months.

Inflation for that month settled within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target for the year.

 In its Aug. 15 Monetary Board Meeting, the BSP cut benchmark interest rates by 25 basis points (bps) to 6.25%, its first cut in nearly four years.

BSP Governor Eli M. Remolona, Jr. also signaled another rate cut before the end of the year.

Prior to the rate cut, the central bank kept its policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes totaling 450 bps between May 2022 and October 2023.

The PSA said that the deceleration in the August CMWPI was led by the slowdown in the metal products sub-index to 0.3% from 1.1% in July.

Slower growth was also recorded in commodity groups like fuels and lubricants (3.5% in August from 12.9% in July) and electrical works (2.9% from 3.1%).

The following commodity groups also saw their growth rates ease: painting works (1.2% from 1.3%), hardware (0.9% from 2.6%), plywood (0.4% from 1.1%), structural steel (0.2% from 0.7%), and G.I. sheets (0.4% from 0.1%).

Meanwhile, price growth accelerated in PVC pipes (1.4% from 1.3%), doors, jambs, and steel casements (1.2% from 1%), and plumbing materials (1.1% from 1.0%).

Price declines were recorded in the sub-indices of reinforcing steel (-1.2% from -1% a year earlier), followed by tileworks (-1.2% from -0.8%).

Metal products also contracted in August by 0.3%, a turnaround from the 1.15% posted a year earlier.

The CMWPI is based on constant 2018 prices.

In a separate report, PSA preliminary data showed that retail price growth in construction materials was flat in August at 1.1% but lower than the 1.4% posted a year earlier.

The August reading represents the weakest rise in two months or since the 1% posted in June.

In the eight months to August, the CMRPI averaged 1.1%, well below the year-earlier 3.1%.

“We might see faster movements when construction activities go full blast again when construction companies find it lucrative to borrow,” Mr. Rivera said. — Abigail Marie P. Yraola

National rice inventory up 14% in early August

Workers load sacks of flour in a delivery truck in Manila, July 11, 2022. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE Philippine rice inventory rose to 1.87 million metric tons (MMT) in early August, up 14.4%, according to preliminary data from the Philippine Statistics Authority (PSA).

“Of this month’s total rice stocks, 62.4% were held by the commercial sector, 29.6% by households, and 8.1% by National Food Authority (NFA) depositories,” the PSA said.

NFA and commercial warehouses grew their holdings, while household rice stocks fell during the period.

Rice held by commercial establishments amounted to 1.17 MMT, 23.3% higher from the 1.32 MMT a year prior.

The NFA’s reserves more than doubled to 150,700 MT.

Rice held by households declined 13.3% year on year to 551,900 MT.

Month on month, rice stocks fell 14.2% from July.

“Decrements were noted from the households (21.9%), as well as in the commercial sector (12%). The rice inventory in NFA depositories increased 2.4%,” it added. — Adrian H. Halili

CREATE-ing MORE through work from home

In recent years, advances in technology and shifting workforce expectations have made work-from-home (WFH) arrangements more mainstream. The COVID-19 pandemic further accelerated this trend, compelling various companies and industries to adapt to remote work setups. According to the 2021/2022 Integrated Survey on Labor and Employment (ISLE) by the Philippine Statistics Authority, 27% of establishments in the Philippines adopted WFH arrangements, reflecting a significant shift in work practices. Alongside corporate adjustments, the government has introduced initiatives to support and regulate these changes.

GOVERNMENT INITIATIVES AND REGULATIONS
Under Philippine law, Philippine Economic Zone Authority (PEZA)-registered companies are required to operate within the economic zones to be entitled to tax incentives. Temporary work adjustments had to be made in response to the lockdowns brought about by the pandemic.

Under Memorandum Circular (MC) No. 2021-049, in relation to Fiscal Incentives Review Board (FIRB) Resolution No. 19-2021, PEZA permitted Information Technology-Business Process Management (IT-BPM) Registered Business Enterprises (RBEs) to operate outside their economic zones with up to 90% of their workforce working from home for the period Sept. 13, 2021, to Dec. 31, 2021, without losing their fiscal incentives. The threshold was reduced to 75% from Jan. 1, 2022, to March 31, 2022.

PEZA later sought an exemption from the WFH threshold requirement of its IT-BPM RBEs. However, the FIRB emphasized that the rules called for IT-BPM RBEs to operate within economic zones, and hence denied the request through Resolution No. 23-21. In this regard, PEZA issued MC No. 2022-018, serving notice that the FIRB had rejected the proposal to extend the WFH arrangement beyond March 31, 2022.

Given the corresponding penalties for violation, many IT-BPM RBEs were concerned about failing to meet the 100% on-site reporting requirement. Numerous employees also expressed their preference for WFH and flexible set-ups, citing convenience and the minimized risk of COVID-19 exposure. These concerns were perhaps heard as PEZA subsequently issued Board Resolution No. 22-052, which allowed IT-BPM RBEs to adopt WFH arrangements for up to 30% of their total workforce starting April 1, 2022. After several extensions, this lasted until Dec. 31, 2022, as per FIRB Resolution No. 026-2022.

As businesses return to pre-pandemic work arrangements, many employees have expressed their preference for WFH and flexible setups. Several surveys indicate that many employees are willing to switch jobs for the chance to work from home, driven by considerations of health, convenience, and work-life balance. This shift in preference has led IT-BPM RBEs companies to worry about losing their people due to the 100% on-site reporting requirement. In response, some IT-BPM RBEs have considered canceling their registration with PEZA. To address this concern, FIRB Resolution No. 026-2022 gave PEZA IT-BPM RBEs the opportunity to register with the Board of Investments, which allows 100% WFH arrangements, without taking away any fiscal incentives.

As such, the Department of Trade and Industry (DTI) issued MC No. 22-19, detailing the guidelines for registering IT-BPM RBEs with the BoI. The FIRB and the Bureau of Internal Revenue (BIR) later respectively issued FIRB Advisory 008-2022, and Revenue Memorandum Circular No. 142-2022 to disseminate the guidelines. Further, PEZA released MC No. 2022-067 and MC No. 2022-070, which provided further details supplementing the DTI’s memorandum.

The guidelines apply to IT-BPM RBEs that have remaining tax incentives under Section 311 of the 1997 Tax Code, as amended, or those with approved incentives as of Sept. 14, 2022, under the CREATE Act with the concerned Investment Promotion Agency administering the economic or freeport zone. These companies had until Dec. 31, 2022, to complete their registration with the BoI.

RECENT LEGISLATIVE DEVELOPMENTS
On Sept. 10, the bicameral conference committee reconciling the House and Senate bills approved the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill. This bill builds upon the CREATE Act and aims to refine, enhance, and expound on the fiscal incentives system to better support economic growth, investment, and recovery. A notable provision in the CREATE MORE bill is allowing RBEs located in economic or freeport zones to offer telecommuting programs, which include WFH arrangements of up to 50% of their total workforce without losing their fiscal incentives.

COULD THIS ADDRESS THE EMERGING CONCERNS ABOUT WFH?
Aside from the shift in preference to flexible work arrangements, enabling WFH might potentially help entities reduce overhead items such as office space, utilities, and maintenance. Studies found WFH to be a cost-effective strategy — both for employees and employers. Undeniably, this is beneficial to the IT-BPM industry but a threat to the real estate industry. A compromise may have been thought of since the CREATE MORE bill allowed a WFH level of 50%.  By capping WFH at 50%, the government may be seeking to support the commercial real estate industry, which relies on occupancy. Moreover, the limit helps ensure that companies retain some on-site presence to facilitate face-to-face meetings, training sessions, and teamwork, which can be essential to a business.

With the WFH arrangement changes in CREATE MORE, certain questions arise:

• For PEZA IT-BPM RBEs that are also registered with the BoI, will there be a need to cancel their BoI registration since CREATE MORE bill prohibits double registration with IPAs?

• Since BoI does not administer ecozones and freeports and is not covered by the WFH restriction or prohibition, can the IT-BPM RBEs currently registered with both PEZA and the BoI be allowed to fully transfer their registration to the BoI to benefit from the 100% WFH incentive? Investors might be encouraged to fully transfer to the BoI if they plan to implement a WFH arrangement exceeding 50%.

Once the bill is signed, perhaps some Implementing Rules and Regulations (IRRs) will be issued to address these questions to help the existing businesses transition to the requirements of the CREATE MORE.

For investors who plan to set up a new entity or new projects, perhaps it is worth comparing the advantages and disadvantages of registering with either the PEZA or the BoI. There can be other items to look into, such as ease of registration and requirements, and reporting requirements to consider before making a decision.

CONCLUSION
In the recent years, significant changes and developments have helped companies adapt to a dynamic business environment. These changes, such as the Bureau of Internal Revenue’s (BIR) focus on streamlining tax processes, enhancing digitalization, and providing clearer compliance guidelines, aim to support businesses and not add to their burdens. The CREATE MORE bill, which is currently awaiting approval by the President, proposes to expand fiscal incentives and support flexible work arrangements such as WFH. Certainly, this will have implications on the registrations of affected businesses, which must thoroughly evaluate their options to make well-informed decisions. Nonetheless, let us hope that these measures effectively address businesses’ needs, helping them achieve their goals.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Clyde R. Mosquera is a senior in charge of the Tax Advisory & Compliance division at Cebu office of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

PHL men’s team, Sadorra stun Slovenia to share seventh place

JULIO CATALINO SADORRA

BUDAPEST, Hungary — The Philippines’ Julio Catalino Sadorra, busy with work and responsibilities back home, knew his time with the national team was ticking.

That is one reason the 38-year-old United States-based Filipino Grandmaster (GM) is making every game in the 45th FIDE Chess Olympiad here counts as if it is his last wearing the national colors.

It showed in Mr. Sadorra’s spectacular 53-move shocker over super GM Vladimir Fedoseev that sealed 2.5-1.5 upset of the mighty Slovenians and sent the Filipinos leapfrogging from obscurity to a share of seventh place after five rounds on this cold, rainy Sunday night at the sprawling BOK Sports Hall in the Hungarian capital.

Mr. Sadorra’s recent magnificence reverberated back home, being one of the biggest, if not the biggest, victory of his life and one of the most fantastic triumphs in recent times for Philippine chess.

It reflected a quality that Filipinos are known for — resiliency — as Mr. Sadorra battled back from what appeared like a hopelessly losing position and into a winning one when he pounced on the series of blunders from Mr. Fedoseev, a Russian émigré.

When he got the chance, he unloaded a flurry, sacrificing almost everything at his disposal like a typhoon leaving a trail of devastation behind him.

The attack was so fierce he left Mr. Fedoseev’s scampering king widowed.

Newly minted GM Daniel Quizon, who will be rewarded P100,000 by National Chess Federation of the Philippines head Butch Pichay for his GM feat on top of the P1 million bonus from Dasmariñas, Cavite, and International Masters Pau Bersamina and Jem Garcia drew their matches in the lower boards to complete one of the most sensational wins of the round.

That sent the Filipinos in a 22-nation tie at No. 7 with eight match points apiece, or just two behind leaders India, China, host Hungary and Southeast Asian rival Vietnam with perfect 10 points.

The Filipinos, whose trip is being financed by the Philippine Sports Commission through chair Richard Bachmann and commissioner Ed Hayco, will take on the 17th ranked Armenians, who boast four super GMs on their roster, in the sixth round hoping for more glory.

The win also soothed the broken hearts of the Filipinas, who fell to the fancied Italians, 2.5-1.5, that was exacerbated by the end of Shania Mae Mendoza’s fairytale run at board one following a stinging defeat to IM Marina Brunello.

The games of Janelle Mae Frayna, Ja Jodilyn Fronda and Ruelle Canino all ended up with draws.

India, Mongolia and Armenia were pacing the women’s section with pristine 10 points apiece. — Joey Villar

San Miguel Beerman Lassiter dislodges Alapag as three-point king

SAN MIGUEL Beer’s Marcio Lassiter — PBA.PH

Games on Tuesday
(Ninoy Aquino Stadium)
5 p.m. – Rain or Shine vs NLEX
7:30 p.m. – Magnolia vs TNT

THERE’S a new Alpha sniper in the town and at the rate he’s going, San Miguel Beer’s Marcio Lassiter’s hold of this slice of PBA “his-three” may be untouchable for years.

And it’s the man he dislodged as the Three-Point King, Jimmy Alapag, himself, who had encouraged Mr. Lassiter to continue shooting the lights out.

Mr. Alapag, who is now based in the US serving the Sacramento Kings as player development coach, messaged Mr. Lassiter as the latter was gearing to break his all-time  record of 1,250 triples made.

“He texted me. We just talked a little bit. He showed his gratitude, said he was proud of my accomplishment, that I would be the one to break his record,” Mr. Lassiter shared after celebrating his rise to No. 1 in SMB’s 131-82 ripping of Barangay Ginebra in Sunday’s Governors’ Cup duel at the Smart Araneta Coliseum.

“He wished he could be here but he said he’ll be full on just being there while supporting me. He gave his wishes and said hi to the family and to keep on pushing the needle.

“I will try to keep pushing like he said,” added the Fil-Am pistolero who achieved the milestone on his 538th game in the league, faster than Mr. Alapag (601 matches) and everybody else.

Mr. Alapag and another legendary shooter, Allan Caidic (1,242) fell to 2-3 in the wake of Mr. Lassiter’s surge. Ginebra’s LA Tenorio (1,219) and Blackwater’s James Yap (1,178) are the closest threats to Mr. Lassiter’s record in the roster of greats at Nos. 4 and 5. Magnolia’s Paul Lee, the other active player in list at No. 10, has 976 so far — more than 300 triples off the new king.

Mr. Lassiter, meanwhile, thanked the Lord and gave props to coach Jorge Gallent and his teammates led by June Mar Fajardo and Chris Ross, who either issued an assist or provided a screen that helped him knock down four quickfire treys in the first quarter alone that sealed his date with destiny.

“Coach George is a tremendous coach, giving me the confidence every night to come out and showcase my talents and he’s drawing great plays for me. Also, I definitely couldn’t do this without my teammates from the past and right now. They’ve been helping me out for so long. I feel like the main two that probably gave me the most assists are June Mar (Fajardo) and Chris (Lassiter). So I have to also thank those guys.”

“That’s just ‘Cio (Lassiter). He’s going to give people credit but it’s all on him,” countered Ross. “The easy part is passing the ball, the hard part is putting it to the basket as much as he does.”

Meanwhile, Rain or Shine (5-2) takes another crack at a quarterfinal ticket today against an NLEX squad (3-4) seeking to revive its playoffs hopes in a crucial Group B tiff at the Ninoy Aquino Stadium.

The Elasto Painters were derailed by a 102-124 blowout loss to Ginebra last Friday. The Road Warriors are determined to get out of a three-game slump with a new import in DeQuan Jones and trade acquisition Javee Mocon in tow.

Magnolia (4-3) looks to solidify its position in the quarters chase in the other game versus Group A leader and early quarterfinalist TNT (6-1). — Olmin Leyba

Letran battles Arellano while EAC clashes with San Beda

SAN BEDA RED LIONS — FACEBOOK.COM/NCAA.ORG.PH

Games on Tuesday
(Filoil EcoOil Arena)
11 a.m.- Letran vs AU
2:30 p.m.- EAC vs San Beda

DEFENDING CHAMPION San Beda University seeks to stay close to solo leader College of St. Benilde (CSB) as it clashes with an unpredictable Emilio Aguinaldo College (EAC) on Tuesday in NCAA Season 100 at the Filoil EcoOil Arena.

The Red Lions threw the defensive anvil on the run-and-gun San Sebastian College-Recoletos Stags in hammering out an 85-75 victory Saturday and moving in a four-way logjam at second spot with a 2-1 record.

They share No. 2 with the Stags themselves, Mapua University Cardinals and University of Perpetual Help Altas.

The CSB Blazers remained unshakeable at the helm with a pristine 3-0 slate.

San Beda University coach Yuri Escueta stresses the need to improve on its league-worst free throw shooting after bricking 37 of the 83 shots they attempted there.

The bad, bald men of Letran, meanwhile, goes for a second win in a row after splitting their first two outings against an Arellano University side out hunting for a first win after two consecutive setbacks.

They collide at 11 a.m.

The Letran Knights got on the winning board after outlasting the JRU Bombers, 70-62, Friday. — Joey Villar

Caitlin Clark sets rookie scoring mark; Fever edge Wings

CAITLIN CLARK — WOMEN’S NATIONAL BASKETBALL ASSOCIATION

CAITLIN CLARK dazzled with a career-high 35 points and set the Women’s National Basketball Association (WNBA) single-season rookie scoring record, leading the Indiana Fever to a thrilling 110-109 victory over the visiting Dallas Wings on Sunday afternoon.

Clark, who set the single-season assist record on Friday, broke Seimone Augustus’ rookie scoring mark of 744 points set in 2006 with Minnesota.

Clark achieved the feat with 2:54 to play in the third, drilling a 3-pointer that knotted the game at 78-all.

Kelsey Mitchell also excelled for the Fever (20-19), scoring 30 points while Aliyah Boston added 15 in the team’s regular-season home finale. Boston made two free throws with 1.1 seconds left to ice the game.

With the score tied at 86-all in the fourth, Clark drove to the hoop twice and connected, nudging Indiana in front 90-86 with 6:35 remaining. Clark then knocked down consecutive 3-pointers that stretched the Fever’s lead to 96-88 at the 4:19 mark.

Indiana made 16 3-pointers in all, including three in the final two minutes — two coming from Damiris Dantas — as it snapped a two-game losing streak. Clark made six of her 14 attempts from beyond the arc and dished out a game-high eight assists.

Wings all-time leading scorer Arike Ogunbowale nearly rallied Dallas, hitting a 3-pointer with 1.9 seconds to play that cut Indiana’s lead to 108-106.

Ogunbowale scored 27 and became the fastest in WNBA history to 4,000 career points when she buried a 3-pointer with 5:30 to play in the third. The historic shot tied the game 70-all.

Satou Sabally added 27 points, including a last-second 3-pointer, and Natasha Howard finished with 26 for Dallas (9-30). Howard also pulled down a game-high 10 rebounds while Teaira McCowan chipped in 14 points.

The Wings have lost 16 consecutive road games and their last eight games overall, including two against the Fever this month.

Dallas made four of its five 3-point attempts and shot 68.4 percent overall from the field as it led 34-26 at the end of the first quarter.

Clark and Mitch each scored 12 points in the second quarter as Indiana trimmed Dallas’ lead to 59-57 at the half. — Reuters

Lynx take down Liberty in battle of WNBA’s No. 1 vs 2

THE visiting Minnesota Lynx continued their dominance of the New York Liberty this season with an 88-79 win Sunday.

Five Lynx players finished in double figures in scoring, led by Bridget Carleton with 19 points, including five 3-pointers. Napheesa Collier had 18 points and 13 rebounds for the Lynx.

Breanna Stewart had a season-high 38 points and a career-high-tying 18 rebounds for the Liberty.

In the final two regular-season games, New York (31-7) needs just one win or one Lynx loss to clinch the top seed in the WNBA playoffs. The Lynx (29-9) are holding on to the second seed by two games over the Connecticut Sun, who lost 84-71 to the Las Vegas Aces on Sunday night.

Though the Liberty have been the best team in the WNBA most of the season, they have struggled against the Lynx, losing three of four meetings, including the Commissioner’s Cup championship game.

Minnesota built the lead to 26 points — the largest lead any team has had on the Liberty this season — but had to sweat out the fourth quarter as the Liberty made a strong charge.

New York cut the lead to 80-72 on a Stewart triple with 4:39 left. Kayla McBride answered with a long 3 from the wing for the Lynx with 3:25 left. Sabrinia Ionescu made a free throw with 56.1 seconds left to make it 85-77, but Minnesota closed it out from there.

The Lynx are the only team to win the season series against the Liberty this season.

Minnesota took it to the Liberty early, racing out to a 16-6 lead in the first five minutes with Carleton hitting the first of her four 3-pointers in the first half. — Reuters

Chiefs hit game-ending FG, beat Bengals in back-and-forth game

KANSAS CITY — Harrison Butker converted a 51-yard field goal as time expired to lift the Kansas City Chiefs past the visiting Cincinnati Bengals 26-25 on Sunday.

Patrick Mahomes completed 18 of 25 passes for just 151 yards. He tossed two touchdowns, including a 44-yarder to Rashee Rice, but added two interceptions.

With his team down two, Mahomes received one final chance after rookie safety Daijahn Anthony was called for pass interference with 38 seconds remaining as the Chiefs faced fourth-and-16 from their own 35.

Joe Burrow was 23-of-36 for 258 yards and a pair of touchdown passes to Andrei Iosivas.

The game was another installment of one of the NFL’s most riveting rivalries of the last four years. Burrow is 3-2 lifetime against Mahomes.

After Evan McPherson’s 33-yard field goal gave the Bengals a 13-10 lead in the second quarter, Cincinnati’s Sheldon Rankins punched the ball loose from running back Carson Steele at midfield and Germaine Pratt recovered. The Bengals converted with McPherson’s third field goal of the day, a 48-yarder.

Trey Hendrickson, who beat rookie left tackle Kingsley Suamataia for two sacks, provided a key spark to the defense with a sack of Mahomes on Kansas City’s final drive before the half.

The Chiefs drove 70 yards on the opening possession of the second half and took their first lead of the game, 17-16, on a 1-yard tackle-eligible pass to Wanya Morris.

Burrow answered with a long drive, capped by a fourth-down touchdown pass of 3 yards to Iosivas. The extra point was missed and the Bengals led, 22-17. — Reuters

SM Supermalls kicks off 100 Days of Christmas as a Santa to their community

SM Supermalls is ringing in the holiday spirit with its 100 Days of Joy countdown, spreading cheer and generosity all over the Philippines. Every day from Sept. 16 to Dec. 25, SM will be giving back to the shoppers and communities that have made the malls a joyful place all year round.

With 86 malls nationwide, SM is proud to serve as community hubs and the setting of countless memories, cultural celebrations, and everyday delights. Every day until Christmas, SM will be sharing a video showcasing how each mall has found new ways to make the merriest season of all shine even brighter for their local communities.

Bringing Joy to Communities

To kick off 100 Days of Joy, SM Mall of Asia treated over 100 students from the Philippine National School for the Deaf to an extraordinary early Christmas experience. With the help of the SM Store, Pizza Hut, Taco Bell, and Dairy Queen, these students were treated to an early Christmas treat like no other!

To find out what surprises were in store, watch the video here:

Bears of Joy 2024: Huggable Gifts for Children in Need

SM will also continue its beloved Bears of Joy initiative; but this time, with a more cuddly, fluffy look! For every bear purchased, another will be donated to a child in need, spreading warmth and comfort to those craving the magic of Christmas. This year, SM is introducing Hug-A-Mood, a collection of huggable expressions that reflect the wide range of emotions children experience.

Be a Santa This Christmas

Starting Sept. 16, SM will spread joy nationwide through a series of heartwarming surprises and festive activities. Shoppers can expect to be greeted by enchanting light projections across its malls, each displaying a cheerful “100 Days to Christmas” greeting alongside vibrant decorations. This dazzling display will set the tone for the holiday excitement, signaling that the season of joy has officially begun.

For Filipinos, Christmas is more than just a holiday — it’s a time of bonding, celebration, and community, often centered on spending time with loved ones in the malls. Through these festive sights and sounds, SM Supermalls ensures that the Christmas spirit is felt far and wide, bringing joy to every corner and making the malls a vibrant hub for holiday memories.

As we countdown to Christmas, SM calls  on everyone to embrace their communities and spread the joy of the season. Whether through the Bears of Joy initiative, nominating communities for special recognition, or simply enjoying the holiday atmosphere at SM malls, there are countless ways to share the Christmas spirit.

Let’s make this Christmas season the most meaningful one yet by embracing the communities that make our families and lives so much bigger.

Let the countdown begin!

 

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Thai baht is too strong and impacting exports, minister says

PERESLAVL FROM PIXABAY

BANGKOK — Thailand’s baht is too strong and is affecting exports, which are expected to post only small growth this year, and the central bank should take action on the currency, the commerce minister said on Monday.

The Bank of Thailand (BoT) should also cut interest rates to increase liquidity, Pichai Naripthaphan said, continuing a months-long disagreement between the government and the central bank over the setting of rates.

One Monday, the baht traded at its strongest level in more than 18 months against the US dollar.

The ministry last month maintained its export growth target for the full year at 1% to 2%. For the January-July period, exports were up 3.8% from the same period in 2023.

In August, the central bank held key rates at 2.5% for a fifth straight meeting, saying policy settings were at neutral levels as it resisted the government’s call for a rate cut.

The next rate review is on Oct. 16.

Prime Minister Paetongtarn Shinawatra said earlier this year, before she became prime minister, that central bank independence was an obstacle to solving economic problems.

The government, led by the populist Pheu Thai party, has repeatedly called for a rate cut to align with its planned fiscal stimulus as it looks to jump start Southeast Asia’s second-largest economy.

The government will launch the first phase of its signature “digital wallet” program later this month when it distributes 145 billion baht ($4.4 billion) to vulnerable groups. The entire 450-billion-baht stimulus measure aims to give 10,000 baht each to 50 million Thais to be spent in their local communities.

The scheme has been criticized by economists, including two former central bank governors, as fiscally irresponsible. The government rejects that but has struggled to find sources of funding.

It insists the policy is necessary to energize the economy, which the central bank expects to grow just 2.6% this year, up from 1.9% in 2023 and far adrift of most regional peers.

Growth was below potential, however, because of structural problems, central bank Governor Sethaput Suthiwartnarueput has said. — Reuters

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