MADRID — Real Madrid forward Vinicius Jr. will miss his side’s Champions League clash at Liverpool on Wednesday after sustaining a leg muscle injury in their 3-0 LaLiga win at Leganes at the weekend, the Spanish club said on Monday. Sources told Reuters that Vinicius is expected to be sidelined from three to four weeks. — Reuters
It’s easy to see why head coach Mike Brown got all worked up in the aftermath of a bang-bang play that saw the Kings fail to make a basket and then absorb a three at the other end of the court. The twist was brutal in and of itself, padding a deficit to 19 points and underscoring the hosts’ predicament a third into the second quarter. He felt Colby Jones, who sprinted for a layup after stealing the ball off a lazy pass by the Nets’ Ben Simmons, was fouled by the latter and should have been awarded two free throws. Instead, the no-call led to a five-point turnaround that provided a snapshot of their 2024-25 campaign to date.
Bottom line, Brown knew he had to do something — anything, really — to awaken the Kings from their stupor. They had lost two straight heading into the homestand, and he felt the encounter with the equally struggling Nets provided them with a grand opportunity to arrest their slide. Unfortunately, his charges appeared to be executing none of what they talked about extensively prior to the contest. And so he figured on making a spectacle of himself to get a rise out of them and, hopefully, coax them into competing.
In retrospect, perhaps Brown overdid things. He charged at referee Scott Twarodski in a manner that may well have justified an ejection instead of just a technical foul. In any case, he got what he wanted: The Kings did respond to his tirade, outscoring the Nets by 11 for the remainder of the period. That said, they still absorbed a loss at the buzzer; clearly, whatever has been ailing them requires more than just a stunt. As he noted in his post-match presser, they have struggled to put theory to practice for one reason or another.
Granted, the Kings have time on their hands. They may be a deflating 8-9, but 80% of their schedule is ahead of them. What’s more, they have a surfeit of talent at their disposal. Which is to say their fate is in their hands. The flipside, of course, is that they have to want to get better. In the highly competitive West, having a stacked roster isn’t enough; making the best use of it is a requisite. And Brown knows the onus is on him to get them to meet expectations. Whether he actually can remains to be seen.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.
JERUSALEM/BEIRUT — US President Joseph R. Biden and French President Emmanuel Macron are expected to announce a ceasefire in Lebanon between armed group Hezbollah and Israel imminently, four senior Lebanese sources said on Monday.
In Washington, White House national security spokesperson John Kirby said, “We’re close” but “nothing is done until everything is done.”
The French presidency said discussions on a ceasefire had made significant progress. In Jerusalem, a senior Israeli official said Israel’s cabinet would meet on Tuesday to approve a truce deal with Hezbollah.
Signs of a diplomatic breakthrough were accompanied by heavy Israeli airstrikes on Beirut’s Hezbollah-controlled southern suburbs, as Israel pressed on with the offensive it launched in September after almost a year of cross-border hostilities.
Prime Minister Benjamin Netanyahu’s office declined to comment on reports that Israel and Lebanon had agreed to the text of a deal. But the senior Israeli official told Reuters that Tuesday’s cabinet meeting was intended to approve the text.
Israel’s ambassador to the United Nations (UN), Danny Danon, said Israel would maintain an ability to strike southern Lebanon under any agreement. Lebanon has previously objected to wording that would grant Israel such a right.
US State department spokesperson Matthew Miller said gaps between the two parties have narrowed significantly but there are still steps they need to take to reach an agreement.
“Oftentimes the very last stages of an agreement are the most difficult because the hardest issues are left to the end,” he said. “We are pushing as hard as we can.”
Diplomacy is aimed at getting Iran-backed Hezbollah and Israel to end fighting that erupted in October 2023 in parallel with Israel’s war against Palestinian Islamist group Hamas in Gaza. The conflict in Lebanon has drastically escalated over the last two months.
In Beirut, Elias Bou Saab, Lebanon’s deputy parliament speaker, told Reuters there were “no serious obstacles” left to start implementing a US-proposed ceasefire with Israel, “unless Netanyahu changes his mind.”
He said the proposal would entail an Israeli military withdrawal from south Lebanon and regular Lebanese army troops deploying in the border region, long a Hezbollah stronghold, within 60 days.
A sticking point over who would monitor compliance with the ceasefire was resolved in the last 24 hours with an agreement to set up a five-country committee, including France and chaired by the United States, he said.
STRIKES ON BEIRUT
Despite diplomatic progress, hostilities have intensified. Over the weekend, Israel carried out powerful airstrikes, one of which killed at least 29 people in central Beirut, while Hezbollah unleashed one of its biggest rocket salvoes yet on Sunday, firing 250 missiles into Israel.
In Beirut, Israeli airstrikes leveled more of the Hezbollah-controlled southern suburbs on Monday, sending clouds of debris billowing over the Lebanese capital.
Lebanon’s health ministry said Israeli attacks killed 31 people and wounded 62 across the country on Monday. Over the past year, more than 3,750 people have been killed and over one million have been forced from their homes, according to the ministry, which does not distinguish between civilians and combatants in its figures.
Israel has dealt major blows to Hezbollah, killing its leader Hassan Nasrallah and other top commanders, and inflicting massive destruction in Lebanon areas where the group holds sway.
Israel says its military offensive is aimed at enabling tens of thousands of Israelis to return to homes they evacuated when Hezbollah began firing across the Lebanese border into Israel more than a year ago. Hezbollah’s campaign followed the Hamas-led Oct. 7, 2023, attacks on Israel that precipitated the Gaza war.
Hezbollah strikes have killed 45 civilians in northern Israel and the Israeli-occupied Golan Heights. At least 73 Israeli soldiers have been killed in northern Israel, the Golan Heights and in combat in southern Lebanon, according to Israeli authorities.
MISTRUST OVER DEAL
Biden’s administration, which leaves office in January, has emphasized diplomacy to end the Lebanon conflict, even as all negotiations to halt the parallel war in Gaza are frozen.
US Middle East envoy Brett McGurk will be in Saudi Arabia on Tuesday to discuss using a potential Lebanon ceasefire as a catalyst for a deal ending hostilities in Gaza, the White House said.
Diplomacy over Lebanon has focused on restoring a ceasefire based on UN Security Council Resolution 1701, which ended the last major war between Hezbollah and Israel in 2006.
It requires Hezbollah to pull its fighters back around 30 kilometers from the Israeli border, behind the Litani River, and the regular Lebanese army to enter the frontier region.
Israel and Hezbollah have accused each other of failing to implement it in the past; Israel says a new ceasefire must allow it to strike any Hezbollah fighters or weapons that remain south of the river.
An agreement could reveal rifts in Mr. Netanyahu’s right-leaning government. The far-right national security minister, Itamar Ben-Gvir, said Israel must press on with the war until “absolute victory.” Addressing Mr. Netanyahu on X, he said, “It is not too late to stop this agreement!” — Reuters
MOSCOW — Senior Russian security official Dmitry Medvedev said on Tuesday that if the West supplied nuclear weapons to Ukraine then Moscow could consider such a transfer to be tantamount to an attack on Russia, providing grounds for a nuclear response.
This as Russian forces are advancing in Ukraine at the fastest rate since the early days of the 2022 invasion, taking an area half the size of Greater London over the past month, analysts and war bloggers say.
The New York Times reported last week that some unidentified Western officials had suggested that US President Joseph R. Biden could give Ukraine nuclear weapons, though there were fears such a step would have serious implications.
“American politicians and journalists are seriously discussing the consequences of the transfer of nuclear weapons to Kyiv,” Mr. Medvedev, who served as Russia’s president from 2008 to 2012, said on Telegram.
Mr. Medvedev said that even the threat of such a transfer of nuclear weapons could be considered as preparation for a nuclear war against Russia.
“The actual transfer of such weapons can be equated to the fait accompli of an attack on our country,” under Russia’s newly updated nuclear doctrine, he said.
RUSSIAN ADVANCES
The war is entering what some Russian and Western officials say could be its most dangerous phase after Moscow’s forces made some of their biggest territorial gains and the United States allowed Kyiv to strike back with US missiles.
“Russia has set new weekly and monthly records for the size of the occupied territory in Ukraine,” independent Russian news group Agentstvo said in a report.
The Russian army captured almost 235 square kilometers (sq. km.) in Ukraine over the past week, a weekly record for 2024, it said.
Russian forces had taken 600 sq. km. in November, it added, citing data from DeepState, a group with close links to the Ukrainian army that studies combat footage and provides frontline maps.
Russia began advancing faster in eastern Ukraine in July just as Ukrainian forces carved out a sliver of its western region of Kursk. Since then, the Russian advance has accelerated, according to open-source maps.
Russia’s forces are moving into the town of Kurakhove, a stepping stone towards the logistical hub of Pokrovsk in Donetsk, and have been exploiting the vulnerabilities of Kyiv troops along the frontline, analysts said.
“Russian forces recently have been advancing at a significantly quicker rate than they did in the entirety of 2023,” analysts at the Washington-based Institute for the Study of War said in a report.
The General Staff of Ukraine’s armed forces said in its Monday update that 45 battles of varying intensity were raging along the Kurakhove part of the frontline that evening.
The Institute for the Study of War report and pro-Russian military bloggers say Russian troops are in Kurakhove. Deep State said on its Telegram messaging app on Monday that Russian forces are near Kurakhove.
“Russian forces’ advances in southeastern Ukraine are largely the result of the discovery and tactical exploitation of vulnerabilities in Ukraine’s lines,” Institute analysts said in their report.
Russia says it will achieve all of its aims in Ukraine no matter what the West says or does.
Ukrainian President Volodymyr Zelensky has repeatedly said peace cannot be established until all Russian forces are expelled and all territory captured by Moscow, including Crimea, is returned.
But outnumbered by Russian troops, the Ukrainian military is struggling to recruit soldiers and provide equipment to new units.
Mr. Zelensky has said he believed Russian President Vladimir Putin’s main objectives were to occupy the entire Donbas, spanning the regions of Donetsk and Luhansk, and oust Ukrainian troops from the Kursk region, parts of which they have controlled since August. — Reuters
WASHINGTON — A US judge on Monday dismissed the federal criminal case accusing Donald Trump of attempting to overturn his 2020 election defeat after prosecutors moved to drop that prosecution and a second case against the president-elect, citing Justice Department policy against prosecuting a sitting president.
The order from US District Judge Tanya Chutkan puts an end to the federal effort to hold Trump criminally responsible for his attempts to hold onto power after losing the 2020 election, culminating in the Jan. 6, 2021 attack on the US Capitol by a mob of his supporters.
The move came after Special Counsel Jack Smith, the lead prosecutor overseeing both cases, moved to dismiss the election case and end his attempt to revive a separate case accusing Trump of illegally retaining classified documents when he left office in 2021 after his first term as president.
It represents a big legal victory for the Republican president-elect, who won the Nov. 5 US election and is set to return to office on Jan. 20.
The Justice Department policy that the prosecutors cited dates back to the 1970s. It holds that a criminal prosecution of a sitting president would violate the US Constitution by undermining the ability of the country’s chief executive to function. Courts will still have to approve both requests from prosecutors.
The prosecutors in a filing in the election subversion case said the department’s policy requires the case to be dismissed before Trump returns to the White House.
“This outcome is not based on the merits or strength of the case against the defendant,” prosecutors wrote in the filing.
Prosecutors in the documents case signaled they will still ask a federal appeals court to bring back the case against two Trump associates who had been accused of obstructing that investigation.
Trump spokesman Steven Cheung hailed what he called “a major victory for the rule of law.”
Trump had faced criminal charges in four cases — the two brought by Smith and two in state courts in New York and Georgia. He was convicted in the New York case while the Georgia case, which also relates to his efforts to overturn the 2020 election, is in limbo.
In a post on social media, Trump railed on Monday against the legal cases as a “low point in the History of our Country.”
The moves by Smith, who was appointed in 2022 by US Attorney General Merrick Garland, represents a remarkable shift from the special prosecutor who obtained indictments against Trump in two separate cases accusing him of crimes that threatened US election integrity and national security. Prosecutors acknowledged that the election of a president who faced ongoing criminal cases created an unprecedented predicament for the Justice Department.
Chutkan left open the possibility that prosecutors could seek to charge Trump again after he leaves office, but prosecutors would likely face challenges bringing a case so long after conduct involved in the case happened.
Trump pleaded not guilty in August 2023 to four federal charges accusing him of conspiring to obstruct the collection and certification of votes following his 2020 loss to Democrat Joe Biden.
Trump, who as president will again oversee the Justice Department, was expected to order an end to the federal 2020 election case and to Smith’s appeal in the documents case.
Florida-based Judge Aileen Cannon, who Trump appointed to the federal bench, had dismissed the classified documents case in July, ruling that Smith was improperly appointed to his role as special counsel.
Smith’s office had been appealing that ruling and indicated on Monday that the appeal would continue as it relates to Trump personal aide Walt Nauta and Carlos De Oliveira, a manager at his Mar-a-Lago resort, who had been previously charged alongside Trump in the case. Both Nauta and De Oliveria have pleaded not guilty, as did Trump.
In the 2020 election case, Trump’s lawyers had previously said they would seek to dismiss the charges based on a US Supreme Court ruling in July that former presidents have broad immunity from prosecution over official actions taken while in the White House.
Trump denied wrongdoing in all cases and argued that the US legal system had been turned against him to damage his presidential campaign. He vowed during the campaign that he would fire Smith if he returned to the presidency.
Trump in May became the first former president to be convicted of a crime when a jury in New York found him guilty of felony charges relating to hush money paid to a porn star before the 2016 election. His sentencing in that case has been indefinitely postponed.
The criminal case against Trump in Georgia state court involving the 2020 election is stalled. — Reuters
The Commission on Audit (CoA) and the Asian Development Bank (ADB) held a meeting on Nov. 20, 2024 to discuss support for strengthening the CoA’s audit of foreign-assisted projects, public debt audit and Public Financial Management (PFM) reforms in the Philippines, including the PFM Inter-agency Initiative for Green Lane Fiduciary Arrangements as part of the CoA’s international commitments.
CoA Chairperson Gamaliel A. Cordoba led the CoA delegation composed of Assistant Commissioners Martha Roxana C. Sese, Adela L. Dondonilla and Alexander B. Juliano, Directors Corazon S. Rocas, Marilyn C. Briones, Haide T. Espuelas and Olympia P. Balugay, and OIC Assistant Directors Ameer S. Gamama and Eumaida P. Tiongson as well as the Supervising Auditors of the Department of Social Welfare and Development (DSWD), Department of Health (DoH), Department of Transportation (DoTr), Department of Public Works and Highways (DPWH), Local Water Utilities Administration, and Metropolitan Waterworks and Sewerage System.
Meanwhile, ADB Philippines Country Director Pavit Ramachandran was joined by Ruth S. Farrant (Director, Public Financial Management [PFFM] 2), Karin Schelzig (Director, Human and Social Development Sector Director), Alain X. Morel (Country Operations Head, Philippines), Myra Evelyn P. Ravelo, (Financial Management Specialist, PFFM 1), Ruby U. Alvarez (Senior Project Officer [Infrastructure], Philippines), and Raffy D. Amos (Associate Financial Management Officer, PFFM 2).
The ADB discussed its Philippines project portfolio, noting the stronger partnership with the Philippine government in view of its growing volume of financial portfolio which is expected to increase by more than 100% in the next three years and a stronger reliance on the country’s PFM system which is crucial for ADB’s fiduciary responsibility.
The ADB also discussed Project Level Financial Management Issues under the Expanded Social Assistance Project (ESAP), Angat Water Transmission Improvement Project (AWTIP), and Health System Enhancement to Address and Limit COVID-19 (HEAL), among others.
The ADB expressed appreciation for the positive impact of the CoA’s participation in the recently concluded Tri-Partite Portfolio Review Mission and Philippines Program, and Portfolio Planning Retreat for ADB-financed projects, which affirmed the CoA’s vital role in ensuring that overall financial management systems are working effectively and efficiently.
CoA representatives gave an overview of the CoA’s audit of ADB-financed foreign-assisted projects in the DPWH, DoTr, DSWD and DoH such as the Improving Growth Corridors in Mindanao Road Sector Project, South Commuter Railway Project, Integrated Flood Resilience and Adaptation Project — Phase 1 and Metro Manila Bridges Project, Social Protection Support Project, ESAP, HEAL 1 and HEAL 2, among many others.
Also discussed were ADB-financed foreign-assisted projects implemented by government-owned and -controlled corporations including the Water District Development Sector Project, Emergency Assistance for the Reconstruction and Recovery of Marawi Project under Urban Climate Change Resilience Trust Fund, and AWTIP.
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As a majority–owned subsidiary of Global Ferronickel Holdings, Inc. (FNI), Ipilan Nickel Corp. (INC) is more than just a mining company. With operations in Palawan’s Municipality of Brooke’s Point, INC is committed to fostering growth, supporting the environment, and partnering with indigenous communities for a sustainable and prosperous future.
Underpinned by strong environmental, social, and governance (ESG) principles, INC has forged a unique path in the mining industry, one built on respect, transparency, and mutual benefit. This commitment to responsible mining extends to building meaningful relationships with the indigenous peoples (IPs) in the area, known collectively as the IP-BICAMM barangays — Barong-Barong, Ipilan, Calasaguen, Aribungos, Mambalot, and Maasin.
“At INC, we believe that our success is deeply intertwined with the well-being of the indigenous communities we work alongside. By building relationships based on trust, transparency, and respect, we are not only securing a sustainable future for our operations but also creating lasting positive impacts in the lives of our partner communities,” says FNI President Dante R. Bravo. “Our commitment to sustainable development and corporate social responsibility remains steadfast, as we work together to foster economic growth, protect the environment, and preserve cultural heritage for generations to come.”
A Strong Foundation: The Certification Precondition
A key milestone that underscores INC’s dedication to responsible mining is the recently acquired Certification Precondition (CP). This certification is essential for any mining company operating within ancestral domains and highlights INC’s full compliance with regulatory requirements. The CP signifies not only INC’s commitment to regulatory compliance but also its dedication to upholding the rights and traditions of the IP-BICAMM communities.
After undergoing a series of community assemblies with the IP community and the rigorous Free and Prior Informed Consent (FPIC) process, IP-BICAMM issued their Resolution of Consent for the renewal of MPSA No. 017-93-IV. This is a hallmark of INC’s approach to transparency and respect. Community members were engaged in a series of consultative assemblies, directly addressing environmental concerns and discussing how INC’s projects would coexist with their ancestral heritage. This process paved the way for the IP leaders to endorse INC’s operations, allowing the company to renew its Mineral Production Sharing Agreement (MPSA).
Empowering Indigenous Communities: INC’s Commitment Beyond Mining
For INC, corporate social responsibility means going beyond compliance. It means actively investing in the people, environment, the overall upliftment of the quality of life of the communities that host its operations, and the generation of economic benefits for the IP-BICAMM barangays. Through the FPIC-MOA agreement, INC has dedicated millions of pesos toward enhancing livelihoods, education, and healthcare for the indigenous communities. Key initiatives include:
Looking Ahead: A Sustainable Vision for the Future
With the Certification Precondition secured and a commitment to long-term investments, INC is primed for sustainable growth. INC’s dedication to environmental stewardship and the well-being of its partner communities ensures a balanced approach to mining that both enhances shareholder value and strengthens its reputation as a socially responsible corporate leader in Palawan.
INC’s partnerships with indigenous communities demonstrate how responsible mining can create economic growth while preserving cultural values and natural resources. Through this commitment, INC continues to set the standard for ethical, transparent, and impactful mining operations in the Philippines.
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The Digital Marketing Association of the Philippines (DMAP), the leading organization known for its excellence and innovation in digital marketing, has successfully hosted the ninth edition of the Digital Congress (DigiCon), with the theme, “REVOLUTION,” on Oct. 15 to 16, 2024, in Newport City, Metro Manila.
The two-day event gathered over 2,500 participants, including 100 global and local industry experts, thought leaders, and technology pioneers, coming together to discuss key insights across marketing, advertising, business, academia, media, and innovation sectors.
DMAP’s DigiCon is the premier digital marketing conference in Southeast Asia, providing a vital platform for innovators and industry leaders both locally and internationally to drive advancements in the digital landscape.
Following the conclusion of this year’s conference, DMAP shared key recommendations for the industry. One of them is the responsible use of Artificial Intelligence (AI), with DMAP urging its members to explore and integrate AI tools ethically and responsibly, focusing on data privacy, transparency, and avoiding the spread of misinformation.
DMAP also emphasizes the importance of investing in local digital talent by providing upskilling and reskilling initiatives to equip Filipino marketers with the latest digital competencies, particularly in areas like AI, data analytics, and Web3.
Additionally, DMAP underscored the importance of digital inclusivity, urging the industry to bridge the digital divide in the Philippines by expanding internet access and digital literacy programs across the country.
Other key imperatives from this year’s DigiCon included pushing for data-driven decision-making to improve customer engagement and encouraging collaborative innovation to create a more vibrant digital ecosystem.
“DMAP’s DigiCon REVOLUTION 2024 is a testament to DMAP’s broader goals of advancing the digital marketing transformation, fostering industry growth, and contributing to the Philippine economy. As we continue to navigate today’s rapidly evolving digital landscape, we aim to champion the industry’s need to adapt and leverage emerging technologies for sustainable success,” says Manny Gonzales, DMAP President.
Best-selling author and digital innovator Steven Johnson, known for his work as the Editorial Director at Google’s AI division Google Labs, was the keynote speaker on the event’s opening day, exploring how AI can unlock new possibilities in business and marketing. He encouraged attendees to stay curious and explore the potential of advanced technologies.
“Go out there, enjoy yourself with the technology, explore those edges just for the sheer delight of it, because history teaches us that you will find the future where people are having the most fun,” Mr. Johnson said.
On the second day, David Beal, Head of Global Marketing & Global Chief Marketing Officer of Jollibee Foods Corp., delivered the keynote speech delving into values-driven digital transformation.
Mr. Beal emphasized the importance of openness to embracing technology for effective customer engagement, saying, “A true willingness is to know what we know, but also acknowledge what we don’t and work hard to learn and improve. When you couple that with a value like integrity, and when you reinforce it with a bias for action, a willingness to try, and an agile attitude, we can challenge what’s possible.”
Through DigiCon’s partnership with One Show Asia, attendees also gained insights from a distinguished lineup of international speakers, such as Masaya Asai, Chief Creative Officer of Droga 5 Tokyo; Angela Bassichetti, Head of Creative Shop of Meta; Kyungsin Pablo Kim, CEO of Paulus; and Tay Guan Hin, APAC Regional Director of The One Club for Creativity.
DigiCon 2024 took over Newport City, with plenary talks held at the Newport Performing Arts Theater, and breakout sessions at nearby Sheraton and Hilton hotels. Attendees engaged in five specialized tracks designed to address critical industry trends: “From Ecommerce to Digitally Enabled Commerce,” “From IMC to Customer-Centric Campaigns,” “From Digital Transformation to Business Evolution,” “From Data-Driven to Insight-Driven,” and “From I to AI.” These tracks highlighted trends like generative AI, short-form video content, the evolution of the metaverse, and the increasing importance of data privacy.
“DigiCon 2024 is all about equipping professionals to not just survive, but thrive in today’s digital landscape. As we navigate new technologies, we encourage everyone to recalibrate their perspectives, staying curious, open, and ready to explore and innovate,” said Alan Fontanilla, DigiCon 2024 chair.
In a first for DigiCon, DMAP partnered with Certified Digital Marketer (CDM) to offer program certifications to attendees. This new offering provides professionals with opportunities to enhance their skills and bolster their credentials in the digital marketing world.
Since its first iteration in 2016, DigiCon has consistently been a pivotal gathering for the luminaries of Philippine marketing, advertising, and digital landscapes.
DMAP’s DigiCon REVOLUTION 2024 was sponsored by GrabAds, Jollibee Foods Corp., UnionBank, Panda Ads, Petal Ads by Huawei, Unilever, Aeroworx, Agile Data Solutions, Anymind Philippines, Blis, Dito Telecommunity, Double Verify, gimmefy, GCash, Google Philippines, KFC Philippines, McDonald’s Love ko ‘to, Meltwater, Metrobank, TikTok, and Truelogic, Inc.
Esteemed outlets, DOOH, GMA Network, MBC Media Group, AGC Power Holdings Corp., Cignal TV, The New Channel,The Pod Network Entertainment, ABS-CBN Corp., adobo Magazine, BusinessWorld, Dentsu Creative Philippines, Inquirer, Manila Bulletin, Meta Philippines, PumaPodcast, Rappler, The Business Manual, and The Philippine Star served as this year’s media partners.
Meanwhile, Amazing Pineapple Company, Inc., Carmen’s Best, Devant, Emperador, Enchanted Kingdom, Eventscape Manila, Future Proof PH, HIT Productions, Holiday Inn Express, Maggi, Outcomm, Inc., Primer Group, PICKUP COFFEE, Rebisco, Uniquecorn Strategies, Segway — The Autohub Group Philippines, One Asia, Lysol, Seda Manila Bay, Splash Corp., Synergy, Unilab, and Yoli Better Body Company served as the DigiCon 2024 event partners.
Furthermore, telecommunications company Eastern Communications served as this year’s connectivity partner, and Certified Digital Marketer served as Track Certification Partner.
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SN Aboitiz Power Group (SNAP) invites professionals, business leaders, and individuals to join SNAP Conversations 2024: ESG Investing, an online forum on integrating environmental, social, and governance (ESG) principles into sustainable investment strategies.
Happening on Dec. 4, 2024, from 2:00 p.m. to 4:00 p.m., via YouTube Live, the event will cover Philippine Regulatory Landscape for ESG: Current Policies and Future Directions, and Sustainable Finance in the Philippines: Green Bonds and ESG-Linked Investments.
The forum features two key sessions addressing key aspects of ESG investing in the Philippines.
The first session, Philippine Regulatory Landscape for ESG: Current Policies and Future Directions, will be led by Joelyn P. Cuchapin from the ESG Supervision and Surveillance Group at Bangko Sentral ng Pilipinas. This discussion will focus on the government’s role in promoting ESG, provide an overview of existing policies, and offer insights into upcoming regulatory changes aimed at enhancing ESG integration across sectors.
The second session, Sustainable Finance in the Philippines: Green Bonds and ESG-Linked Investments, will feature Jaime Mendejar, Senior Manager for Sustainable Finance at HSBC Hong Kong. This session will delve into financial tools like green bonds and ESG-linked investments, highlighting their potential to fund renewable energy, energy efficiency, and sustainable infrastructure projects while providing key insights for companies and investors considering the adoption of these instruments.
As sustainability continues to reshape the way we invest and operate, navigating the evolving landscape requires a keen understanding of ESG principles, a commitment to responsible investing, and a strategic approach to sustainable finance. SNAP Conversations on ESG Investing offers a valuable opportunity to gain insights from industry experts and participate in a meaningful conversation about building a better, more sustainable future.
Register now for SNAP Conversations to explore how sustainability is shaping the way we invest and do business. Secure your spot by registering via this link: https://bit.ly/SC2024ESG_Registration.
SNAP Conversations is an online forum series led by the SN Aboitiz Power Group. It creates avenues that shed light on important issues, growth opportunities, and innovations surrounding the power sector and beyond. This sustainability forum is proudly supported by media partners BusinessWorld and The Philippine Star.
About SNAP Group:
SN Aboitiz Power (SNAP) is a joint venture of Scatec and Aboitiz Power Corp. (AP).
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy in emerging markets. As a long-term player, they develop, build, own and operate renewable energy plants, with 4.6 GW in operation and under construction across four continents today. They are committed to growing their renewable energy capacity, delivered by their 800 passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. AP is the holding company of the Philippines-based Aboitiz Group’s investments in power generation, distribution, and retail electricity services. It advances business and communities by providing reliable and ample power supply at a reasonable and competitive price, and with the least adverse effects on the environment and host communities.
SNAP owns and operates the 112.5-MW Ambuklao and 140-MW Binga hydroelectric power plants in Benguet; the Magat hydroelectric power plant which has a nameplate capacity of 360 MW and maximum capacity of 388 MW on the border of Isabela and Ifugao; the 8.5-MW Maris hydro; and the 24-MW Magat battery energy storage facility in Isabela. The non-power components such as dams, reservoirs, and spillways are owned, managed, and operated by the government.
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Toby’s Sports, the Philippines’ leading sports retailer, proudly announces its victory as the Sporting Goods Retailer of the Year — Philippines at the prestigious Retail Asia Awards 2024. This recognition follows Toby’s Sports’ 45th anniversary celebration, concluding a milestone year that highlights nearly half a century of unwavering commitment to excellence in the sports retail industry.
Since its inception in 1978, Toby’s Sports has become a household name, synonymous with top-quality athletic gear and innovation in the sports sector. This recent accolade underscores the brand’s enduring legacy and its pivotal role in shaping the sports and fitness landscape across the Philippines.
“For over 45 years, Toby’s Sports has been at the forefront of promoting a culture of sports and fitness in the Philippines. We’ve consistently offered an extensive range of premium products from the best local and international brands, all with the goal of meeting the diverse needs of Filipino athletes and fitness enthusiasts. This dedication has solidified our reputation as the nation’s top sports retailer, and we’re incredibly proud that this commitment has been recognized with such a prestigious award,” said Jojo Claudio, Chairman and CEO of Quorum Holdings, Inc., the parent company of Toby’s Sports.
The past year has been particularly momentous for Toby’s Sports, highlighted by its receipt of the Gold Bagwis Award from the Department of Trade and Industry (DTI). This award recognizes businesses that exemplify excellence and advocate for consumer rights, further affirming Toby’s Sports’ commitment to delivering exceptional value and customer satisfaction.
The introduction of Toby’s ELITE Loyalty Program was another highlight of the year, designed to enhance customer engagement and foster brand loyalty. Launched in late 2022, the program quickly gained a large membership base which speaks volumes about its success and the trust customers place in Toby’s Sports.
In response to the increasing demand for sports and fitness gear, Toby’s Sports has expanded both its store network and product offerings. In the past three years alone, the company has opened nine new stores, including five franchises, bringing its total to 64 branches nationwide. This expansion includes a third flagship store at SM North The Block, joining existing flagship locations in Bonifacio Global City and SM Mall of Asia.
Toby’s Sports has also played a significant role in introducing and promoting new sports in the Philippines. In 2023, the retailer made notable strides in promoting Pickleball, the country’s fastest-growing sport. Through the introduction of Pickleball products and the organization of events and clinics, Toby’s Sports has made the sport more accessible and visible to the Filipino community.
On the corporate side, Toby’s Sports has broadened its scope to include sports event organization through its new division — Toby’s EVENTS. It has already organized large events for companies such as GCash, PhilamLife, and VXI. These initiatives, covering everything from fun runs, company sports fests and sports clinics aim to foster a culture of health and wellness within these institutions, completing Toby’s Sports’ services across all aspects of sports.
Innovation continues to be a cornerstone of Toby’s Sports’ success. Its e-commerce website www.tobys.com has grown to be one the most visited sports websites in the country. The retailer has also embraced an omnichannel strategy to offer seamless shopping experiences both online and offline. This includes the successful implementation of a Click & Collect service, allowing customers to shop online and pick up their purchases at select Toby’s stores.
Toby’s Sports’ continued success and its recent accolade at the Retail Asia Awards 2024 reflect a legacy built on excellence, innovation, and a deep commitment to promoting sports retail excellence in the Philippines. As the company looks forward to the future, it remains dedicated to uplifting the sporting spirit of the nation, ensuring that it remains at the pinnacle of sports.
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By Luisa Maria Jacinta C. Jocson, Reporter
THE PHILIPPINES’ current account deficit (CAD) is seen to widen further, which could put pressure on the currency, ANZ Research said.
In a report released on Monday, ANZ said it expects the country’s current account deficit to widen to 2.9% of gross domestic product (GDP) this year.
“A wider CAD will help maintain higher levels of investments given the low savings rate in the economy,” it said.
“Nonetheless, we think the current account deficit is likely to widen further as the government is more focused on enhancing economic growth. We think that this could exert further depreciation pressure on the peso.”
The Bangko Sentral ng Pilipinas (BSP) estimates the current account deficit to reach $6.8 billion this year, equivalent to 1.5% of GDP. Next year, the deficit is seen to hit $5.5 billion or 1.1% of GDP.
In the first half of the year, the country’s current account deficit stood at $7.1 billion, accounting for 3.2% of economic output.
ANZ Research said a persistent current account deficit is “not detrimental for growth at the current stage of development for the Philippines.”
“Instead, it complements domestic savings to support higher investment levels, thereby enhancing potential growth,” it said.
“The savings rate in the Philippines declined at the beginning of the pandemic and has remained almost flat at a lower level. Given a low level of savings in the economy, a wider CAD is required to maintain a high rate of investment growth.”
However, ANZ warned that a higher CAD will impact the peso.
“Furthermore, the CAD will remain elevated because the government intends to continue prioritizing infrastructure spending. With further reductions in the policy rate, the overall depreciation pressure on the peso is unlikely to wane,” it added.
The peso again teetered closer to the P59-per-dollar level on Monday, closing at P58.99 against the greenback. It weakened by 12 centavos from its P58.87 finish on Friday.
The local unit sank to the P59-per-dollar level on Thursday, its worst showing since Oct. 17, 2022.
Meanwhile, ANZ Research said that strong remittances and the moderate service exports growth could support the current account balance but not the trade deficit.
“Nonetheless, we don’t think the surpluses from remittances and services will be enough to completely offset the wider trade deficit in the second half of 2024,” it added.
The latest data from the BSP showed that cash remittances rose by 3% to $25.23 billion in the first nine months.
ANZ Research flagged the risk of a “greater divergence between exports and imports and an elevated trade deficit by implication.”
“The recent deterioration is due to diverging paths of exports and domestic demand. Essentially, exports are stagnating at a time when policy makers are stepping up infrastructure-related spending.”
The country’s trade deficit widened by 43.4% year on year to $5.09 billion in September, the biggest trade gap in 20 months, according to the latest data from the Philippine Statistics Authority (PSA).
ANZ said the lackluster export performance was due to the country’s “limited productivity gains in the tradables sector.”
“This is evident from the following developments: the Philippines’ share in world exports has been declining since 2017 and there have been no gains in exports in absolute terms.
“In fact, since 2021, monthly exports have remained remarkably static at a little over $6 billion,” it added.
In September, exports declined 7.6% to $6.26 billion from a year ago. This was the biggest drop in exports since June.
“The problem of declining competitiveness has been particularly pronounced for the electronics sector, which accounts for 55% of the Philippines’ overall exports,” ANZ said.
Electronic products, the country’s top export, fell by 23.1% to $3.15 billion in September.
“The competitiveness issue becomes even more stark when semiconductors are considered in isolation,” it added.
Semiconductor exports, which accounted for the majority of electronic goods, plunged by 30.6% to $2.31 billion during the month.
“We think that competitive pressure on the Philippines’ semiconductor industry, which remains limited to low value-added activities like assembly and packaging, will increase,” ANZ said.
It also attributed the weakness in exports to challenges in domestic demand.
“Domestic demand and household consumption in particular have moderated but remain relatively imbalanced compared with the weakness in exports,” it said.
“Furthermore, growth in capital goods imports is significantly correlated to the change in the government’s infrastructure spending. The sharp increases in the government’s capital outlays in the second and third quarter have translated into larger imports of capital goods.”
Imports are also not expected to ease, ANZ said, amid the government’s push to ramp up infrastructure spending and expectations of further policy easing by the central bank.
“Any impetus to domestic demand from these impending rate cuts will bolster imports,” it added.
The value of imports rose by 9.9% to $11.34 billion in September from $10.32 billion a year ago, PSA data showed.
By Beatriz Marie D. Cruz, Reporter
EVA P. GOZON, 36, withdrew her life insurance fund and combined it with her bonus from her job as an outsourcing agent to fund her fried siopao business in Pasay City near the Philippine capital.
She considered applying for a small business loan worth P200,000 at a local bank, but decided against it due to high interest rates. “I got scared,” she told BusinessWorld by telephone.
“After much study, I found out that I would have had to use all my profits to pay for the loan,” she said. “There were also too many paper requirements. It really wasn’t worth it.”
Philippine banks have failed to lend 10% of their loan portfolio to micro-, small- and medium-sized enterprises (MSME), as required by law, and would rather pay the fine than risk not being paid.
Data from the Philippine central bank showed that as of end-June, banks only lent 4.52% or P488.13 billion of their P10.8-trillion loan portfolio to MSMEs, which are known for their crucial role in fostering broad-based development, acting as the backbone of the economy.
These firms account for more than 99% of all businesses in the Philippines and provide jobs to many Filipinos, making them a key player in shaping the economic landscape.
Under the law, 8% of banking loans must go to micro and small enterprises, and 2% to medium-sized firms. But as of end-June, banks only lent 1.82% of their loans to micro and small enterprises and 2.7% to medium-sized businesses.
Banks barely know the owners and the nature of their businesses and consider them risky clients, Diwa C. Guinigundo, Philippine analyst at GlobalSource Partners and a former deputy governor at the Bangko Sentral ng Pilipinas (BSP), said in a Viber message.
“They have little knowledge about small businesses’ track record and when information is limited, banks would rather pay their fines than expose themselves to what they consider to be risky clients,” he said.
MSMEs have a limited financial history and a “higher vulnerability to economic downturns,” said Ben Joshua A. Baltazar, president and chief executive officer at the state-owned Credit Information Corp.
“This was further exacerbated by banks’ experience during and after the pandemic when some MSMEs were not able to repay loans on time due to lockdowns and physical distancing, which affected the businesses’ profitability,” he said in an e-mail.
There is also an information gap on smaller firms’ credit records, Mr. Baltazar said, adding that MSMEs’ financial history and collaterals should be properly documented so banks could use these as the basis for their loans.
“Banks want to minimize nonperforming loans while increasing loans to the creditworthy,” he said. “However, they are unable to collect this information reliably and MSMEs have no established method to prove good credit behavior.”
Meanwhile, small entrepreneurs are reluctant to avail themselves of a loan due to high interest rates especially if they lack collateral, Mr. Baltazar said.
“Being a segment where businesses are thriving or transitioning, many MSMEs are afraid of applying for a loan, anticipating similar requirements and processes as that of the commercial loan facilities,” BDO Network Bank, the country’s biggest rural bank, said in an e-mailed reply to questions.
When applying for a bank loan, MSMEs are usually asked to prepare personal financial and bank statements, references from business networks and a risk assessment, BDO Unibank, Inc.’s rural banking arm pointed out.
‘ASYMMETRY OF INFORMATION’
In the first half, universal and commercial banks lent P134.1 billion to micro and small enterprises, or 1.35% of their total loans, and P235.8 billion or 2.38% of their total lending to medium enterprises. Thrift banks allotted 3.74% of their loans to micro and small enterprises, and 5.39% to medium-sized businesses.
Digital banks lent P250 million or 1.41% of their total credits to micro and small businesses, and P30 million or 0.16% to medium enterprises, BSP data showed.
On the other hand, rural and cooperative lenders have been more generous in lending to MSMEs, probably because they are more familiar with their conditions on the ground.
During the period, these institutions released loans worth P37.9 billion to micro and small enterprises, equivalent to 17.61% of their total credit books. Their loans to medium enterprises hit P19.9 billion or 9.26% of the total. These are both well beyond the minimums required by law.
“There is asymmetry of information between the big banks and smaller institutions like rural banks, which are mostly compliant,” Mr. Guinigundo said. “They are on the ground, and they know their clients.”
“A good credit information bureau that caters to all banks would provide a level playing field for both banks and their small business clients,” he added.
Banks need “data-driven and risk-based” lending to expand their MSME base, Mr. Baltazar said. “The demand-side barriers that continue to hamper MSMEs’ access to finance are lenders’ conservative high interest rates and collateral requirements, which deter borrowers.”
Mr. Guinigundo noted that if banks were more transparent about their lending policies, and small business clients too about their creditworthiness, “perhaps a better pricing discovery can be established, leading to more loans to small business and more decent interest rates on the loans.”
Banks also have the duty to diversify their financial products through flexible payment options and timelines to attract more MSME borrowers.
BDO Network Bank said big banks that deal with MSMEs are usually focused on lending under the “term loan” format — a fixed amount is borrowed for a specified period, typically ranging from one to 10 years, to be paid in regular installments over time.
“Diversifying into other credit options such as providing lines of credit that are revolving or loans that mature quickly for easy rollover will further support MSME growth,” it added.
Banks should also have flexible collateral requirements and financial literacy programs to make their loan products less intimidating to small firms. “Banks should have the ability to provide secured loans with collateral requirements that are more flexible compared with the conventional secured loan standards.”
But Anna Angeli B. Alberto, 41, could not be bothered by banks’ paper requirements. Instead of going to the bank, she used her credit card to set up a stall for her frozen meat and cooked rice meal business inside a food court at SOMO Market in Bacoor, Cavite province.
“It’s hassle-free,” she said by phone. “There are no requirements needed, and the loan release is instant.”
