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Luisita seniors face tough PAL Interclub defense

LUISITA Golf Club is gearing up for a tough title defense in the senior competition of the 75th Philippine Airlines Interclub golf team championships.

Canlubang and Manila Southwoods have beefed up their lineups to challenge Luisita at the Pueblo de Oro Golf and Country Club in Cagayan de Oro and Del Monte golf course in Manolo Fortich, Bukidnon.

Following the exit of Benjie Sumulong, who will now play for Alabang, Luisita recalled Jing Tuason and added Ferdie Barboza and Marvin Caparros to backstop holdovers Rodel Mangulabnan, Ronnie Littaua, Chino Raymundo, Marty Ilagan, and Dan Cruz.

Luisita came from behind to beat Canlubang by seven points at the 2023 PAL Interclub in Cebu City last year.

“Luisita still has a solid team even without Benjie Sumulong this year,” said Luisita non-playing team captain Jeric Hechanova. “But Canlubang should be favored with three new solid players who will be a good addition to their existing lineup.”

Canlubang will return with only five members from its 2023 team – Abe Rosal, Damasus Wong, Zaldy Villa, Abe Avena, and Rolly Viray.

The Sugar Barons have tapped Pem Rosal, John Paul Reyes, and Jess Hernandez to provide additional firepower.

Manila Southwoods is hoping to break the Luisita-Canlubang stranglehold of the event by securing the services of many-time Alabang Country Club champion Jorge Gallent.

Mr. Gallent will team up with top gun Junjun Plana, Thirdy Escano, Joseph Tambunting, Theody Pascual, and Mandred Guangko who all played at the 2023 PAL Interclub in Cebu City.

Southwoods also tapped Monet Garcia and Michael Cheon.

The PAL Interclub seniors’ competition, which kicks off on Feb. 22, will serve as the aperitif to the men’s regular tournament set on March 1.

The diamond anniversary edition of what is regarded as the country’s unofficial golf club team championships will now be played with a new format that guarantees keener competition.

From the usual five players coming out for each team every day, the men’s regular event will now use the four-to-play, three-to-count format that makes for balanced action.

Looming as a possible title contender is Alabang spearheaded by Sumulong. The team is also made up of Arnel Paras, Toti Zara, Kevin Kim, RJ Maclang, Jerome Hernandez, Timmy Yang, and Marc Reyes.

The 75th staging of the PAL Interclub is supported by diamond sponsors Mastercard and Asian Journal. Platinum sponsors include Airbus, Primax and Araw Hospitality while gold sponsors are Tanduay and Asia Brewery. Joining the event as silver sponsors are ABS-CBN Global and Radio Mindanao Network. VISA is a minor sponsor while Must Glow is joining as a donor.

Andy Reid to coach Chiefs in 2024; QB Patrick Mahomes thinking No. 3

LAS VEGAS — Andy Reid woke up as the fifth head coach to win at least three Super Bowls, a class that includes Bill Walsh, Joe Gibbs, Chuck Noll and Bill Belichick.

Mr. Reid confirmed he will be back next season as head coach but is leaving dynasty and three-peat talk up to others.

“Honestly, I haven’t even thought of it. I get asked it. I’m still kind of in awe of the game. I haven’t thought why or what,” Mr. Reid said Monday when asked why he wouldn’t ride off into the sunset. “It’s not going to just be easy. We’ll have changeover on our team, there’s always the unexpected, have to keep battling through it. I just asked (quarterback Patrick Mahomes), has anyone done in three (consecutive) times? He said no. It’d be great.”

Super Bowl LVIII MVP Patrick Mahomes ended his seventh season with his third Lombardi Trophy, and hit the pillow early Monday morning thinking about becoming the first team in NFL history to three-peat.

“It’s legendary — no one’s ever done it,” Mr. Mahomes said Monday of his trophy mindset. “Only eight teams have done it back-to-back. We felt like we had the best opportunity we’ve ever had. All you can do is come back next year with the best mindset and try to do it again. I know how hard these guys work. I know how hard they get after it. I know how hard these coaches work.

“To be able to have our stamp on NFL history is something I’ll never take for granted.”

Quarterback (QB) Mr. Mahomes said the Chiefs entered the halftime locker room trailing 10-3 on Sunday night very confident because they weren’t executing.

“For us, we just had to be us. Give it everything we have and live with the results after,” Mr. Mahomes said.

Mr. Reid said Mr. Mahomes’ performance and excellence can be easy to take for granted, but he’s still getting better.

“He makes it look easy,” Mr. Reid said. “This is a fluid game with the best athletes in this sport in the world. You’ve narrowed it down to the top two. And he’s out there playing like he’s in the back yard, like it’s nothing. From a head-coaching standpoint, guy that works with offensive guys, all you can ask for.”

Free agency begins with the franchise tag window running from Feb. 20 to March 5. Seven players were tagged last year.

Teams can retain their own free agents prior to the start of the unrestricted free agency negotiating period, which begins at Noon ET on March 13. Contracts can become official on March 15 at 4 p.m. ET.

Among top players eligible for free agency are Chiefs defensive tackle Chris Jones, cornerback L’Jarius Sneed and 49ers defensive end Chase Young.

“I know how hard it is to do and how hard the season was,” Reid said. “The ups and downs of the season and how proud I am of the guys for just hanging with each other and staying positive with each other. The young guys grew up, and nobody ever pointed fingers at the offense when the offense was growing. It all kind of came together during the playoffs and worked out well. Great leaders in Patrick, Chris and Trav (tight end Travis Kelce), the job that they’ve done.”

Mahomes said he’ll work with the Chiefs to remain “as flexible as possible as far as the cap and stuff like that” to keep the franchise in position to add talent to the roster.

Kicking off LIX: New Orleans will host the Super Bowl for the 11th time next February, tying Miami for the most in league history, which included three games at Tulane Stadium before the Superdome was unveiled.

“I think it’s 363 days until Super Bowl (LIX) 59 begins,” Goodell said. “We look forward to being there.”

New Orleans Saints owner Gayle Benson was on hand for the “handoff” from the Las Vegas host committee on Monday morning.

“I am confident we will pull together as we always do to deliver our guests from around the country and world the greatest experience possible,” Benson said. — Reuters

Some 49ers unaware of overtime rules in Super Bowl loss

THE SAN FRANCISCO 49ers woke up on Monday still stinging from a Super Bowl loss and facing criticism given that some of their players admitted they were not aware of playoff overtime rules that allowed for both teams to possess the ball.

Sunday’s Super Bowl in Las Vegas was only the second to go to overtime and the first to fall under a March 2022 rule change which eliminated the chance of a team winning the game outright on the first possession of the extra period with a touchdown.

“I didn’t even know about the new playoff overtime rule, so it was a surprise to me,” 49ers defensive lineman Arik Armstead said after the game. “I didn’t even really know what was going on in terms of that.”

After winning the overtime coin toss, the 49ers elected to receive the ball to start the extra frame and marched down the field before settling for a 27-yard field goal and a 22-19 lead over the Kansas City Chiefs.

But the Chiefs responded with a 75-yard drive that Patrick Mahomes capped with a three-yard touchdown pass to Mecole Hardman that secured a 25-22 victory.

In the regular season, if the team that gets the ball first in overtime scores a touchdown on the opening possession, they win.

“You know what? I didn’t even realize the playoff rules were different in overtime. I assume you just want the ball to score a touchdown and win,” 49ers fullback Kyle Juszczyk said in an ESPN report. “I guess that’s not the case. I don’t totally know the strategy there. We hadn’t talked about it, no.”

The NFL’s overtime rules came under fire in January 2022 after the Buffalo Bills’ high-powered offense never got a chance to touch the ball in the extra period of their crushing playoff loss to the Chiefs.

At the time, if a team kicked a field goal on the first possession of overtime, their opponent got a possession and could win the game with a touchdown or tie it with a field goal. If both teams got field goals, then the next team to score wins.

San Francisco head coach Kyle Shanahan said that he and his analytics team discussed overtime possibilities ahead of the Super Bowl.

Members of the Chiefs, including head coach Andy Reid, said after the game their analytics showed it was better to kick off in overtime so that if both teams matched and scored, they would have a chance to win outright on the next possession.

“He’s a pretty smart guy, so there’s gotta be a reason why he (chose to receive the ball first),” Mr. Reid said of Mr. Shanahan.

“Everybody’s got their own philosophy on it. I don’t know if there’s a right or wrong; we felt that you (should) kick off first, but that’s neither here nor there. That’s what we think, but, listen, the guy’s a great football coach.” — Reuters

Threepeat looms

The Chiefs are Super Bowl champions anew, but not after encountering significant adversity. After getting a bye on Week 10, they went on to lose four of six games and appeared to be imploding. Matches were replete with sideline disagreements and pouting became commonplace. They thus needed to claim their last two regular season outings to clinch the third seed in the American Football Conference. At the time, it didn’t seem like they would even get close to defending their crown.

And then, just like that, the Chiefs clicked. They buckled down to work, in no small measure because they wanted to prove — to others and, more importantly, to themselves — that they remained on course to wrap their arms around the Vince Lombardi Trophy. After sidestepping the Dolphins in the wild card, they had to emerge victorious in the first road contests of quarterback Patrick Mahomes’ postseason career. Even then, they headed into Super Sunday as underdogs against the seemingly steadier Niners.

In any case, Super Bowl LVIII wound up among the most memorable title set-tos in National Football League annals. For 61,629 rabid fans at Allegiant Stadium and millions more on the edge of their seats in the comfort of their homes, the Big Game exceeded expectations. Overtime was required for it to be decided, and only after new playoff rules provided the Chiefs with the opportunity to score even after the Niners did. And in a clutch performance at par with those of the sport’s all-time greats, Mahomes went on to complete all nine of his passes in a 13-play touchdown drive that secured the repeat for the red and white.

It bears noting that the Niners could well have found success had they not been on the wrong end of a couple of pivotal kicks. One gave the Chiefs possession anew after a three-and-out drive late in the third quarter, netting a TD on the very next play. The other was blocked to prevent an extra point that would have increased the difference beyond a field goal. And, yes, their decision to receive the ball first in OT — and thereafter cede control of their fate to Mahomes — was, perhaps, ill-advised in retrospect. Never mind that the defensive line appeared to be in need of a breather.

Despite the hype, it’s too early to label the Chiefs a dynasty. That said, they’re on the cusp of carving a special place in league annals. They’ve secured tickets to the last playdate of the NFL in four of the last five seasons, ultimately prevailing in three. And, now, a threepeat looms. The King is most certainly not dead. Long live the King.

 

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.

Jailed former Thai leader Thaksin granted parole, could be released next week, PM says

THAKSIN SHINAWATRA — WIKIPEDIA

BANGKOK — Thailand’s controversial billionaire former premier Thaksin Shinawatra has been granted parole after serving six months in detention, the prime minister (PM) said Tuesday, while highlighting his service to the country.

The influential Thaksin, a political heavyweight and arguably Thailand’s best known prime minister, made a dramatic homecoming after living abroad for 15 years in self-exile to avoid prison for a conflict of interest.

Mr. Thaksin, 74, soon after had his eight-year jail term commuted to a year by the king. He has served six months of that in hospital detention over an undisclosed health condition and did not spend a single night in prison.

“It’s official that he received parole. It’s in line with the corrections department regulations,” Prime Minister Srettha Thavisin, a fellow tycoon and ally of the Shinawatra family, told reporters.

“Thaksin was prime minister for many years and did many good things for the country for a long time. After he comes out, he would be a normal citizen.”

A former policeman and telecoms magnate who has been at the center of a tumultuous two-decade battle for power in Thailand, Mr. Thaksin was on a list of 930 prisoners who were considered elderly or ill and approved for parole, according to media reports. He could be released after Feb. 18, according to corrections department rules. Mr. Thaksin’s lawyer did not immediately respond to calls seeking comment.

Despite being granted parole, the former leader could, however, still be detained, as public prosecutors consider charging him for insulting the monarchy during a 2015 interview.

Mr. Thaksin’s return last year coincided with ally and political newcomer Mr. Srettha being chosen as prime minister on the same day, adding to speculation that both developments were part of a behind-the-scenes deal between Mr. Thaksin and his powerful enemies in Thailand’s royalist-military establishment.

Mr. Thaksin’s allies and the government, led by the Shinawatra-backed Pheu Thai Party, have dismissed that.

On his first night in prison, Mr. Thaksin was moved to a police hospital, with doctors saying he had experienced tightness in his chest and high blood pressure. — Reuters

Three COP summit hosts unite to push for more ambitious goals

FREEPIK

BRUSSELS — The United Arab Emirates (UAE), host of last year’s COP28 climate summit, and Azerbaijan and Brazil, the hosts of the next two UN climate summits, said on Tuesday they would team up to push for more ambitious emissions-cutting goals.

Preparations for the 2024 and 2025 climate talks are taking place amidst a political push-back on climate action in some countries — even as extreme weather becomes more frequent and temperature records are smashed nearly every month.

The UAE’s COP28 presidency said on Tuesday the summit hosts would form a three-way “troika” to focus on ensuring that more ambitious CO2-cutting pledges are made ahead of a deadline at 2025’s COP30 summit in Belem, Brazil.

“We cannot afford to lose momentum, we must do everything we can to keep 1.5 C within reach,” said Sultan Al Jaber, the UAE’s president of last year’s negotiations. The target of containing global temperatures to 1.5 degrees Celsius above preindustrial levels was set out in the 2015 Paris Agreement.

The main task for this year’s COP29 summit in November in Baku, Azerbaijan, is to agree a new global target for climate finance for developing countries.

But some climate diplomats are already looking ahead to Brazil’s summit in 2025 as the next major milestone for global climate diplomacy. Nearly 200 countries are required to submit updated national CO2-cutting pledges in time for COP30.

The next round of countries’ climate targets is seen as a crucial last chance to prevent global warming exceeding 1.5C, a target fast slipping out of reach, as global greenhouse gas emissions continue to climb.

In a bumper year for elections, some politicians — from Republican frontrunner Donald Trump in the United States, to far-right parties seeking gains in the European Union’s upcoming election — have pushed back on climate policies as they court voters. — Reuters

Proteins may predict who will get dementia 10 years later, study finds

PAWE -CZERWINSKI-UNSPLASH

CHICAGO — A study of frozen blood samples has turned up a trove of proteins that may predict several forms of dementia more than 10 years before the disease is diagnosed, researchers from the United Kingdom (UK) and China reported on Monday.

The study, published in the journal Nature Aging, is part of ongoing research from multiple teams to identify patients at risk for dementia using a simple blood test, an advance many scientists believe will accelerate the development of new treatments.

Currently, brain scans can detect abnormal levels of a protein called beta amyloid many years before Alzheimer’s dementia develops, but the tests are costly and often not covered by insurance.

“Based on this study, it does seem likely that blood tests will be developed that can predict risk for developing dementia over the next 10 years, although individuals at higher risk often have difficulty knowing how to respond,” said Dr. Suzanne Schindler, an Alzheimer’s researcher at Washington University in St. Louis, who was not involved in the research.

Study author Jian-Feng Feng of Fudan University in Shanghai said such tests are critical in aging populations such as China’s, and noted that he is in talks for potential commercial development of a blood test based on their research

In the study, researchers at the University of Warwick and Fudan University studied 52,645 blood samples from the UK’s Biobank research repository, collected between 2006 and 2010 from people who had no signs of dementia at the time.

Of these, 1,417 people eventually developed Alzheimer’s disease, vascular dementia or dementia from any cause. The researchers studied protein signatures common in these individuals and turned up 1,463 proteins associated with dementia and ranked these according to how likely they were to predict dementia.

They found that people whose blood carried higher levels of the proteins GFAP, NEFL, GDF15 and LTBP2 were consistently more likely to have developed Alzheimer’s disease, vascular dementia or dementia from any cause. People with elevated levels of GFAP were 2.32 times more likely to develop dementia, confirming findings from smaller studies that had pointed to the contribution of this protein.

The authors noted that their research has not been independently validated.

One protein that performed well in predicting dementia, neurofilament light, is already used in the clinic for diagnosing and monitoring some conditions such as multiple sclerosis, Ms. Schindler said in an email.

“This study did not include clinically available blood tests for Alzheimer disease, which likely would even better predict development of dementia due to Alzheimer’s disease,” she said.

Such tests are already being used in identifying candidates for clinical trials testing treatments in patients with early-stage or even presymptomatic disease, such as Eisai and Biogen’s Leqembi. The drug recently won regulatory approval in the United States, Japan and China. — Reuters

US, Jordan throw their weight behind Gaza ceasefire effort ahead of new talks

PEOPLE react as Palestinians search for casualties at the site of an Israeli strike on a residential building in Gaza City, Oct. 25, 2023. — REUTERS

DOHA/JERUSALEM/WASHINGTON — US President Joseph R. Biden and Jordan’s King Abdullah kept up pressure for a Gaza Strip ceasefire as senior mediators were to resume work on Tuesday on an Israel-Hamas truce agreement, with the threat of an Israeli ground offensive looming in Rafah.

Senior officials from the US, Egypt, Israel and Qatar were expected to meet in Cairo to work on a three-phase framework that would see the release of hostages and achieve an extended pause, sources familiar with the matter said.

“The United States is working on a hostage deal between Israel and Hamas which would bring an immediate and sustained period of calm into Gaza for at least six weeks,” Mr. Biden told reporters at the White House on Monday after talks with King Abdullah.

Saying he was working on the issue “day and night,” Mr. Biden said a six-week break in hostilities would provide a foundation “to build something more enduring.”

For his part, King Abdullah underscored the urgency of the plight of Palestinians, especially more than one million civilians seeking refuge in the southern Gaza city of Rafah.

“We cannot stand by and let this continue,” he said. “We need a lasting ceasefire now. This war must end.”

Israel launched a rescue mission on Monday that freed two Israeli-Argentine hostages held by Palestinian militants of Hamas in Rafah, by the Egyptian border. The two men were among 250 people seized during the Oct. 7 raid on Israel by Hamas that triggered Israel’s war on Gaza.

The Palestinian Authority’s official television station, Palestine TV, said 74 people were killed during the Israeli military operation. There was no immediate confirmation from the Gaza health ministry, which is run by Hamas.

Israeli Prime Minister Benjamin Netanyahu said the successful mission showed that military pressure should continue in Gaza, and he brushed aside international alarm at plans for a ground assault on Rafah, where Israel says Hamas forces remain.

US FRUSTRATION WITH ISRAEL
Mr. Biden has shown increasing exasperation with Mr. Netanyahu for not heeding his advice to do more to minimize casualties and protect civilians in Gaza.

After more than four months of war, much of the densely populated enclave is in ruins, with 28,340 Palestinians dead and 67,984 wounded, according to Gaza health officials. Many others are believed to be buried under rubble.

Mr. Biden has demanded that Israel not undertake a ground offensive in Rafah without a plan to protect Palestinian civilians who are massed there, many in flimsy tents after relocating multiple times to escape conflict in other parts of Gaza.

Mr. Netanyahu last week ordered the military to create a plan to evacuate civilians to protect them during a ground offensive. Asked about evacuation plans for civilians, an Israeli military spokesperson on Monday said he still didn’t know how it would be done.

The United Nations (UN) on Monday intensified calls for a ceasefire and opposed the idea of moving civilians in Rafah. UN spokesman Stephane Dujarric told reporters, “We will not be party to forced displacement of people. As it is, there is no place that is currently safe in Gaza.”

“You can’t send people back to areas littered with unexploded ordnance, not to mention a lack of shelter,” he said.

European Union foreign policy chief Josep Borrell on Monday suggested that the way to reduce civilian casualties would to be stop arms supplies to Israel.

The US is Israel’s most important foreign arms provider, giving $3.8 billion in military aid annually. The US State Department said cutting aid would not be “more impactful than the steps Washington has already taken”.

Mr. Netanyahu last week rejected Hamas’ latest offer for a 4-1/2 month ceasefire, during which all hostages would go free, Israel would withdraw its troops from Gaza and an agreement would be reached on an end to the war.

The Hamas offer was a response to an earlier proposal drawn up by US and Israeli spy chiefs and delivered to Hamas by Qatari and Egyptian mediators.

Asked about the ceasefire talks, senior Hamas official Sami Abu Zuhri said on Monday, “Hamas has shown great flexibility in the talks to end the aggression and swap the captives, but the occupation is still stalling and disrespecting the efforts that are being done.” — Reuters

Who will be the EY Entrepreneur Of The Year 2024 Philippines? The search begins

Present at the EY Entrepreneur Of The Year 2024 Philippines program launch were (standing from left to right) Henry Tan, EY Entrepreneur Of The Year Philippines program director; Dr. Jaime Alip, CARD, Inc. managing director; Esther Go, Medilink Network, Inc. president and CEO; Steve Tamayo, Far East Hotel Management and Consultancy, Inc. president; Benjamin Yao, EY Entrepreneur Of The Year 2019 Philippines winner; Ambassador Jesus Tambunting, EY Entrepreneur Of The Year 2009 Philippines winner; Cesar Mamon, Enchanted Kingdom, Inc. president and chairman of the Board; (sitting from left to right) Jay Sarmiento, BusinessWorld vice-president for Sales and Marketing; Rely de Guzman, Special Projects head of the ABS-CBN News Channel; Ramon S. Monzon, president and CEO of the Philippine Stock Exchange; Vivian Ruiz, vice-chair and deputy managing partner of SGV & Co.; Cristina Roque, undersecretary for Department of Trade and Industry-MSME Development Group; Elvin Ivan Uy, Philippine Business for Social Progress executive director; and Lady Ochel Espinosa, Asian Institute of Management marketing director.

The SGV Foundation has announced the start of the nomination period for the EY Entrepreneur Of The Year 2024 Philippines at the signing of a Memorandum of Agreement at the STI Holdings Center in Makati on Feb. 7. The MoA was signed and witnessed by co-presenters who have supported the program over the years. These include the Asian Institute of Management, Department of Trade and Industry, Philippine Business for Social Progress, and Philippine Stock Exchange; with official media partners BusinessWorld and ABS-CBN News Channel. Former finalists and winners graced the event, led by EY Entrepreneur Of The Year 2019 Philippines winner Benjamin Yao, chairman and CEO of SteelAsia Manufacturing Corp.; and EY Entrepreneur Of The Year 2009 Philippines Amb. Jesus Tambunting, chairman of Capital Shares Investment Corp. A special video message was also presented by EY Entrepreneur Of The Year 2022 Philippines winner Dennis Uy, CEO and co-founder of Converge ICT Solutions, Inc.

The theme for the 2024 program is “Shaping Opportunities,” which recognizes the transformative ability of Filipino entrepreneurs in reimagining and molding our economy through their grit, innovation, and passion. The EY Entrepreneur Of The Year 2024 Philippines theme also honors the art of entrepreneurship that underscores successful enterprises. By creating impactful businesses, local entrepreneurs have the power to reshape the country’s economic landscape and build a better working world.

Since the program was first launched in 2003, the EY Entrepreneur Of The Year Philippines has become one of the most prestigious awards programs in the local business community. The EY Entrepreneur Of The Year 2024 Philippines program showcases the potential of entrepreneurship to create opportunities, solutions and bring about positive change.

The search is open to all Filipino entrepreneurs. To be eligible, a nominee must be a Filipino business owner who is primarily responsible for the recent performance of his or her company. The nominee must still be active in business, which must have been in operation for at least two years. The nominee must also be still active in top-level management if he or she is the founder of a publicly-held company. A completed nomination form, audited financial statements, and other business documents are required for a nomination to be considered for further judging. Nominations for the award may be submitted online at eoy.ey.com by June 28, 2024.

 

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Your next big gig: A campaign to invite Gen Z and Millennials to become Sun Life Financial Advisors

(L-R) Robert Ryan Chu, Manager Candidate, Angel Oak NBO; Jemimah Villanueva, Unit Manager, Olive NBO; Al Quitagon, Chief Distribution Officer, Sun Life Philippines; Jayvee Badile, Branch Manager, Phoenix Palm; Juan Sargado IV, Financial Advisor, Red Sycamore NBO; and Raissa Hernandez Panganiban, Financial Advisor, Tindalo NBO

Today’s generations are at the forefront of embracing the gig economy, and this is revolutionizing the traditional employment landscape. Fueled by a desire for flexibility and independence, millennials and Gen Z are increasingly turning to gig opportunities or side hustles.

This was the insight that inspired Sun Life Philippines’ recently launched campaign, “The Next Big Gig”. The campaign aims to invite today’s generation to venture into becoming a financial advisor as their next side hustle.

“The Next Big Gig” was officially launched at a media event held at Makati Shangri-La last Feb. 7. At the event, Sun Life Financial Advisors shared their own personal stories to enlighten the audience about how this gig gives them income opportunities, the freedom of time, and a sense of fulfillment in helping their clients start their journey towards financial security.

Sun Life Philippines’ Head of Integrated Public Relations and Corporate Communications, Len Arboleda (left), and Chief Distribution Officer, Al Quitagon

All these were likewise reflected in Sun Life’s newest digital video, which premiered during the event. It features various individuals who are also financial advisors, such as a school teacher, an online seller, a corporate employee, and an entrepreneur – all of whom enjoy the perks of being a financial advisor, namely the earnings, travel incentives, finding an advocacy, and the rewarding feeling of being your clients’ Partner for Life.

To add an experiential element to the event, there were three main “pods” or activity booths that simulated the experiences of a financial advisor. Each pod allowed the attendees to win exclusive Sun Life merchandise and prizes.

The “Next Big Quiz” pod was a quiz booth with questions on life insurance to challenge the attendees’ knowledge on the subject matter. The second pod was entitled “Next Big Destination”, which was an international-themed photo wall. This represented the travel incentives of Sun Life advisors. Lastly, the third pod was called, “Next Big Project”. This booth showcased advisors’ corporate social responsibility activities and included a voting apparatus that asked what project advisors should support next.

“The gig economy is booming, and we recognize that today’s generation craves flexibility and purpose in their careers. Our campaign, ‘The Next Big Gig’, aims to showcase the incredible opportunity for individuals to build a fulfilling career and advocacy as a Sun Life Financial Advisor. This gig allows you to earn income while pursuing your passions, experiencing rewards, and finding a sense of purpose,” said Al Quitangon, Chief Distribution Officer of Sun Life Philippines.

Want to get started on your Next Big Gig? Visit www.sunlife.co/BecomeAnAdvisor to know more!

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

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FDI net inflows rise to near 2-year high

STOCK PHOTO | Image by ❄️♡💛♡❄️ Julita ❄️♡💛♡❄️ from Pixabay

By Keisha B. Ta-asan, Reporter

NET INFLOWS of foreign direct investments (FDIs) into the Philippines in November surged to its highest level in almost two years amid an improving economic outlook.

FDI net inflows rose by 27.8% year on year to $1.048 billion in November 2023 from $820 million in the same month in 2022, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.

This was the highest monthly FDI net inflow recorded since the $2.662 billion in December 2021.

NeNet Foreign Direct Investment (November 2023)Month on month, net inflows of FDIs, which are a key source of jobs and capital for the economy, surged by 60% from $655 million in October.

The increase in FDI net inflows was mainly driven by the increase in investments of nonresidents in debt instruments, which offset the decline in investments in equity capital and reinvestment of earnings, the central bank said in a statement.

“FDI bounced back in November due to a pickup in net debt instruments. However, actual equity or fresh FDI slipped 39.8%,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Nonresidents’ net investments in debt instruments of local affiliates grew by 57.8% to $897 million in November from $568 million in the same month in 2022.

Meanwhile, net investments in equity capital other than reinvestment of earnings fell by 52.5% to $85 million in November from $180 million in the same month a year prior. Broken down, equity capital placements declined by 41.3% to $115 million, while withdrawals climbed by 89.8% to $29 million.

Reinvestment of earnings likewise decreased by 8.1% to $66 million in November from $72 million a year prior.

Investments in equity and investment fund shares also went down by 39.8% year on year to $151 million in November from $251 million.

The equity placements were mainly from Japan and the United States. These were invested mostly in the manufacturing, real estate, and construction industries.

“Large investments in specific sectors or an overall improvement in the Philippine economic outlook (inflation control, growth projections) could have attracted investors,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Global factors, such as diversification away from volatile regions, might also have contributed,” he added.

Headline inflation cooled to a 20-month low of 4.1% in November from 4.9% in October and 8% a year ago, still above the BSP’s 2-4% target range. The consumer price index has since eased further, hitting 2.8% in January.

Meanwhile, the Philippine economy expanded by 5.6% in the fourth quarter of 2023, bringing full-year gross domestic product (GDP) growth to 5.6% last year.

The Philippines was one of the best performing economies in Southeast Asia last year even as GDP growth fell short of the government’s 6-7% target.

SUBDUED FDI
For the first 11 months of 2023, FDI net inflows went down by 13.3% to $7.58 billion from $8.74 billion in the comparable year-ago period.

“Notwithstanding the country’s sustained economic growth, FDI remained subdued due to the lingering impact of high inflation and low growth prospects globally,” the central bank said.

BSP data showed foreign investments in debt instruments declined by 11.3% year on year to $5.47 billion in the January-to-November period.

Reinvestment of earnings went down by 6.5% to $1.01 billion in the 11 months through November 2023.

Investments in equity and investment fund shares also declined by 18.1% to $2.12 billion in the 11-month period.

Net foreign investments in equity capital reached $1.04 billion during the period, 26.4% lower than the previous year’s level. Equity capital placements decreased by 7.1% to $1.6 billion, while withdrawals more than doubled (118%) to $504 million.

Most of these placements were from Japan, the United States, Singapore, and Germany.

“Looking forward, predicting future FDI will be anchored on the actualized pledges, which now stands at 20%,” Mr. Roces said.

Around $14.2 billion in investments from the foreign trips of President Ferdinand R. Marcos, Jr. are now being “actualized,” the Department of Trade and Industry said over the weekend.

These investments involve 46 projects and are at about 20% of the total investment pledges of $72.2 billion across 148 projects.

“We could see continued high inflows if positive economic indicators and investor confidence persist,” Mr. Roces said. “As for 2024, the long-term outlook hinges on global economic stability, Philippine policy reforms, and specific investment deals.”

He added that the Philippines should maintain a stable and attractive investment environment this year to ensure sustained FDI growth.

“Hopefully, with the Philippines still posting growth, we could see FDI eventually reverse the slide in 2023,” Mr. Mapa said.

The BSP expects to record FDI net inflows of $8 billion at end-2023 and $10 billion at end-2024.

Planned LANDBANK-DBP merger to be scrapped — Recto

THE PLANNED MERGER between the state-run lenders Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK) will no longer push through due to their conflicting mandates.

“It’s not pushing through because basically there is no benefit gained from combining the two institutions. We have separate mandates and it’s best for the country that both institutions remain independent, pursuing their separate mandates,” DBP President and Chief Executive Officer (CEO) Michael O. de Jesus told reporters on the sidelines of an event on Monday.

“No need for a merger. Both have different mandates. It will be good to continue having two government depository banks,” Finance Secretary Ralph G. Recto told BusinessWorld via text message when asked for confirmation.

BusinessWorld also sought comments from Malacañang and LANDBANK, but they did not respond as of press time.

The two state-run banks are also unlikely to be merged at least until the end of the current administration’s term, Mr. De Jesus noted.

“We work together [with LANDBANK]. It’s always best to have these two institutions. There’s healthy competition also… What’s good for the country is really having two separate independent banks, each pursuing their own mandates,” he added.

LANDBANK President and CEO Lynette V. Ortiz previously said they would discuss the merger with Mr. Recto.

“As far as we’re concerned, we’re operating on our own,” she told reporters on Jan. 26.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said in a Viber message that the central bank has not received an application for the planned merger.

Former Finance Secretary Benjamin E. Diokno in March 2023 announced that President Ferdinand R. Marcos, Jr. is in “support” of the merger of the state-run lenders, with LANDBANK as the surviving entity. The transaction had been expected to be completed before the end of that year.

The merger was expected to create the largest bank in the country in terms of assets. Data from the Department of Finance (DoF) showed the consolidated bank would have an estimated asset size of P4.185 trillion and deposit base amounting to P3.588 trillion.

The DoF earlier said the merger can generate P975 million in savings annually for the government through the consolidation of the banks’ branch operations.

DBP officials earlier said the merger could endanger the economy as the consolidated entity would be too big to fail, with the concentration of risks in one lender making it vulnerable.

LANDBANK’s primary mandate is to promote countryside development and provide financial assistance and support services to its priority sectors, namely farmers, fisherfolk, agrarian reform beneficiaries, agri and aqua businesses and agri-aqua related projects of local government units and government-owned and -controlled corporations; micro, small, and medium enterprises; and countryside financial institutions.

Meanwhile, DBP is tasked to provide banking services to cater to the medium- and long-term needs of agricultural and industrial enterprises, especially small- and medium-scale industries. It is also the government’s designated infrastructure bank.

On the other hand, asked about DBP’s contribution to the Maharlika Investment Fund (MIF), Mr. De Jesus said there will be no change.

Under Republic Act No. 11954, the DBP and LANDBANK are mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders remitted the funds to the Treasury in September.

“It (contribution) will stay there. Both LANDBANK and DBP are on the board of Maharlika. So, we expect that to do very well. It’s just building the organization at this point,” he said.

Enrico P. Villanueva, senior lecturer of economics at the University of the Philippines Los Baños, said in a social media message that the scrapped merger could leave the DBP unable to address the capital adequacy impact of its MIF contribution.

“I still think there are economies of scale or efficiencies to be achieved from the merger,” Mr. Villanueva said.

LANDBANK and DBP sought regulatory relief from the BSP after making their contributions to the MIF. — A.M.C. Sy

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