DBS projects February inflation rose to 3%

March 4, 2024 | 8:30 pm

grocery-super-market — PHILSTAR FILE PHOTO

INFLATION may have picked up to 3% in February due to price pressures stemming from food and fuel, DBS Bank Ltd. said.

“February inflation is expected to tick up to 3% year on year from 2.8% the month before, within the central bank’s target,” it said in a report.

The DBS forecast matches the median estimate of a BusinessWorld poll of 16 analysts.

If realized, February inflation will have accelerated from the 2.8% reading in January. It is also within the 2.8-3.6% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

However, this would mark the first time inflation picked up on a month-on-month basis since September.

“Upside price pressures stem from the volatile food component including rice, meat, and fish, besides non-food items like fuel and utilities,” the report said.

At the end of February, the price of a kilogram of domestically grown well-milled rice ranged from P48 to P55 while regular-milled rice cost about P50 per kilogram.

In February, pump prices rose by a net P1.05 a liter for gasoline, P1.55 a liter for diesel and P0.35 a liter for kerosene.

“Base effects are conducive for the first half, which will help keep inflation within the target range notwithstanding simmering pressures,” it added.

DBS expects inflation to settle at 3.3% this year and 3% in 2025. The BSP sees inflation averaging 3.6% this year and 3.2% next year.

February inflation data is set to be released today, March 5.

Meanwhile, DBS expects the central bank to deliver its first policy cut by the fourth quarter.

“The BSP is expected to maintain a cautious stance, with delays in the Fed’s rate cut cycle also likely to keep the Philippine authorities from lowering rates prematurely,” it said.

DBS sees the BSP cutting rates by 75 basis points (bps) to bring the benchmark rate to 5.75% in the fourth quarter.

The BSP kept its key rate steady at 6.5% at its February meeting. The central bank raised borrowing costs by 450 bps from May 2022 to October 2023. — Luisa Maria Jacinta C. Jocson

Cambodia being positioned as potential rice supplier

March 4, 2024 | 8:30 pm

PRESIDENT Ferdinand R. Marcos, Jr. and his Cambodian counterpart have agreed to expand their trade in rice as well as in tourism promotion, the Palace said on Monday.

El Niño has affected Philippine rice production, Mr. Marcos told Cambodian Prime Minister Hun Manet in a bid to expand the sources of rice the Philippines can tap.

“We really need to look back and engage in terms of trade in agriculture, rice specifically. When I visited you in Cambodia last time, that was the subject we were talking about. We were preparing for this drought. It’s now happening,” according to Mr. Marcos, who visited Cambodia in November 2022 for Southeast Asian leaders’ summit.

“We really have to be flexible in looking at our suppliers.”

The Department of Agriculture (DA) has estimated damage and losses to agriculture due to El Niño of P357.4 million. Western Visayas was the most affected region, incurring damage worth P127 million.

The government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), last week said temperatures could hit 40 degrees Celsius once the Amihan season ends this month.

Cambodia’s production of unmilled rice was estimated at 10.9 million tons in 2020, according to the Asian Development Bank.

Mr. Marcos and the Prime Minister also committed to address double taxation issues.

The two countries began formal talks to address double taxation in 2018.

“Under the agreement, residents of one country receiving income in another contracting state, or vice versa, will not be taxed twice for the same income, property or investment,” the Palace said.

“The agreement also provides tax relief in the form of exemptions or preferential tax rates.”

The two leaders also sought to boost tourism cooperation by increasing air connectivity.

Cambodia has increased air services to Manila, the Prime Minister told Mr. Marcos.

“We now have flights, five times, from Cambodia to the Ninoy Aquino International Airport,” the Prime Minister said, noting that his government is considering Cebu as an additional destination for Cambodians. — Kyle Aristophere T. Atienza

Financial, telco industries seen driving hiring growth

March 4, 2024 | 8:26 pm

banking-financial-technology-with-currency-symbols-background — RAWPIXEL.COM-FREEPK

By Justine Irish D. Tabile, Reporter

THE financial services and technology and telecommunications industries are expected to drive demand for staffing as they gear up to respond to greater digitalization, according to global recruitment agency Michael Page International Pte Ltd.

Carla Lastimosa, partner at Page Executive Philippines, said that the Philippines will be experiencing “a dynamic shift in hiring trends” in 2024.

“(This will be) particularly driven by robust government initiatives in the financial services sector, which has seen an increase in job placement,” Ms. Lastimosa said in an e-mail.

“This growth is fueled by the Bangko Sentral ng Pilipinas’ push towards digitalization and financial inclusion, significantly impacting employment opportunities,” she added.

Meanwhile, she said that the technology and telecommunication industries are now emerging as the top choice for job seekers, reflecting expectations they will grow rapidly.

Michael Page estimates that demand will come from financial services (30%), retail (17%), fast-moving consumer goods (17%), and technology and telecommunications (13%).

“Financial services would be your traditional banks, remittance business, and financial technology and there’s a big chunk of demand coming from this industry, followed by the retail sector,” Ms. Lastimosa said.

“We are big consumers when it comes to the retail industry, but you will be surprised that the part of the retail industry that is really booming right now in the Philippines is sports retail and some of these retail companies are not concentrated in Metro Manila,” she added.

However, she said that employers still face talent shortages, talent retention issues, and challenges in keeping up with the demand for hybrid work.

She said that most talent will still choose to work overseas, resulting in a systemic talent shortage due to lack of investment in employee development and benefits.

To address this, she said that companies must invest in upskilling the workforce, hire seasoned organizational development talent and improve employee benefits by offering additional annual leave and including dependents in healthcare benefits.

“Hiring managers should proactively engage with employees to understand and address their needs, ensuring competitive compensation and benefits, providing clear career development opportunities, and fostering a positive workplace culture,” she said.

“By focusing on these key areas, companies can enhance employee satisfaction and retention, reducing the need for counter offers as a reactive measure,” she added.

She said that the talent war has skewed salary benchmarking for some roles, pointing to the need for strategies that extend beyond salaries.

“This includes staying informed on market trends to ensure salary structures are competitive and aligned with industry standards,” she said.

“This works together with consistently enhancing their overall value proposition through career development opportunities, a positive workplace culture, and meaningful benefits,” she added.

Meanwhile, she said employees still prefer flexible work arrangements, pointing to the need for companies to integrate remote work, flexible hours, and hybrid models into their processes.

“Investing in the necessary technology and infrastructure to facilitate effective remote collaboration is essential,” she said.

“By embracing these changes, companies can meet employee expectations, expand their talent pool, and position themselves as progressive in today’s evolving work landscape,” she added.

Victoria Sports Pro Cycling unveils new revamped team

March 4, 2024 | 7:08 pm

victoria-cycling — The Victoria Sports Pro Cycling (VSPC) unveils the new additions to its team for the 2024 races, led by leader Carlos Francisco Ochoa and sports director Hector Carretero from Spain (first and second from left), during in the official launch on Sunday at the Victoria Sports Tower in Quezon City. _

REJIGGED and reloaded.

The souped-up Victoria Sports Pro Cycling (VSPC) unveiled its new team that is raring to fly the flag high in a slew of international races, starting with the Tour de Taiwan next week.

Paced by team leader Carlos Francisco Ochoa, VSPC is keen on surpassing the heights of its debut year marked by gallant finishes in different tours abroad.

“It’s not just about the launch of a new team. It’s a continuation of our growth and evolution from last year for the dream of elevating Philippine cycling to the highest level possible — may it be the world championships or Tour de France,” said Mr. Ochoa during the team launch over the weekend at the Victoria Sports Tower in Quezon City.

The revamped VSPC team is made up of Filipino, European and Latin cyclists with distinguished Spanish cyclist Hector Carretero, a former Movistar Team standout and member of Spain’s UCI pro team Equipo Kern Pharma, leading the way as new sports director.

Former Le Tour de Filipinas champion El Joshua Cariño takes on a new role as one of the assistants sports directors for VSPC, which scoops up the services of seasoned rider Marcelo Felipe with young guns Alexis Pagara, Ismael Grospe Jr., Landerson Nebres, Edson Corbadora, Miguel Andrei Obmerga, Kenneth Maramba and the 23-year-old Nichol Pareja, who ruled the individual time trial (ITT) in this year’s PhilCycling National Championships for Road.

Serving as added reinforcements are Olympian Nicolas Sessler from Brazil, Edgar Nieto of Spain and Dutch Jeroen Meijers, who won the individual title in last year’s Tour de Taiwan.

They will join holdovers Mr. Ochoa, Ean Cajucom, Daniel Van Cariño and Portuguese Jose Mendes after anchoring VSPC’s rousing entry to the cycling world last year with UCI stints in Iran, Spain, Portugal, Azerbaijan, Poland and Uzbekistan.

After Taiwan on March 10 to 14, VSPC will represent the country in elite races in the Netherlands, Serbia, Spain, Portugal, Indonesia, Greece, Estonia, Poland, Azerbaijan and Romania for a total of 16 tours in a loaded schedule this year. — John Bryan Ulanday

Akari seeks first PVL win against Farm Fresh team

March 4, 2024 | 7:07 pm

Games Tuesday
(PhilSports Arena)
4 p.m. — Capital1 Solar vs SGA
6 p.m. — Farm Fresh vs Akari

FARM FRESH tries to stay in the middle of the pack while Akari eyes its first victory as the two collide today in the Premier Volleyball League (PVL) All-Filipino Conference at the PhilSports Arena.

The Foxies split their first two outings following 25-16, 25-18, 25-16 victory over the Capital1 Solar Spikers Thursday while the Chargers absorbed a pair of heartbreaking defeats to the Cignal HD Spikers, 21-25, 25-18, 25-12, 25-18, last Feb. 24 and the Creamline Cool Smashers, 25-22, 21-25, 25-22, 25-19, Thursday entering their 6 p.m. showdown.

Expect a Jerry Yee-mentored Farm Fresh to rely anew on Trisha Tubu and Chinnie Arroyo, who starred their one and only win thus far by firing 15 and 11 points, respectively.

Akari, for its part, has yet to come to form despite recently adding a pair of super stars in Grethcel Soltones from Petro Gazz and Ced Domingo from Creamline, who joined a cast headed by Dindin Santiago-Manabat, Faith Nisperos, Fifi Sharma and Bang Pineda.

For Ms. Tubu, they treat every game as a learning experience.

Likewise searching for a first win are Capital 1 Solar and Strong Group Athletics, who face off at 4 p.m.

Both squads have 0-2 cards. — Joey Villar

Duplantis tops World Athletics Indoor; Obiena ninth

March 4, 2024 | 7:03 pm

THERE was a reason Swedish titan Armand Duplantis is the best pole-vaulter in the world.

Filipino star EJ Obiena witnessed it in all its full, majestic glory Sunday as the dragon of the sport exhilaratingly ruled the World Athletics Indoor Championships while the World No. 2 uncharacteristically sputtered to ninth in Glasgow, Scotland.

The Olympic and world champion and record-holder cleared 6.05 meters to claim the gold in the biggest event of the season while the Asian king was surprisingly befuddled and managed just 5.65m in winding up ninth in the 11-man field.

The shockingly mediocre effort came after two straight golden efforts in the Memorial Josip Gasparac in Croatia and the ISTAF Indoor Berlin in Germany where he set a new national indoor mark of 5.93m.

Had Mr. Obiena replicated his Berlin feat, he could have easily seized the silver or a bronze.

But he couldn’t, leaving veteran American Sam Kendricks and Greek Emmanouil Karalis to snare the silver and bronze with a 5.90m and 5.85m, respectively.

It wasn’t that Mr. Duplantis didn’t have a tough time.

He did as he had to shake off some early jitters in getting past 5.85m in his third and final try to stay afloat. That eventually paved the way for another dominating performance that Mr. Duplantis was known to regularly dish out.

Unfortunately, Mr. Obiena wasn’t able to overcome his own struggles and would have to wait for another day to get that chance to beat Mr. Duplantis.

After all, Mr. Obiena did beat Mr. Duplantis twice before.

He could and might do it again, hopefully in the near future. — Joey Villar

PBA and SBP to roll out bigger 3×3 next season

March 4, 2024 | 7:02 pm

THE PHILIPPINE Basketball Association (PBA) will be collaborating with the Samahang Basketbol ng Pilipinas (SBP) for a bigger PBA 3×3 staging next season.

PBA Commissioner Willie Marcial said the pro league and the SBP are tabled for a meeting mid-March to formulate the finer details of the competition, including format, teams and the possibility of holding a competition for women’s squads. The PBA rolled out its standalone 3×3 league in 2021 to help the SBP promote and develop the discipline. Teams play three conferences composed of six legs and one finale each.

Over the last three seasons, the league’s stalwarts led by Almond Vosotros of TNT have also served Gilas Pilipinas 3×3 duties in major international meets such as FIBA 3×3 Asia Cup and the Southeast Asian Games.

In the recent Third Conference of Season 3, the PBA 3×3 opened its doors to six women’s teams to dispute the Women’s PBA 3×3 Invitational crown.

Uratex Dream won the tiara on the same day as the Meralco Bolts scored their breakthrough conference championship at the expense of the multi-titled Triple Giga. — Olmin Leyba

Zamboanga Golf posts rare sweep at PAL Interclub

March 4, 2024 | 7:01 pm

zambo3 — ZAMBOANGA GOLF completed a come-from-behind victory in the Aviator division following the sensational 36 points of team captain Eldon Elumba in the final round of the 75th Philippine Airlines Men’s Interclub golf team championships. — PAL INTERCLUB

CAGAYAN DE ORO CITY – Zamboanga Golf completed a come-from-behind victory in the Aviator division following the sensational 36 points of team captain Eldon Elumba in the final round of the 75^th Philippine Airlines (PAL) Men’s Interclub golf team championships at the Pueblo de Oro Golf and Country on Monday.

Mr. Elumba, a 32-year-old lawyer, bucked a pickup on the 15^th hole to score the best score in the division, powering Zamboanga Golf to a six-point win over Pueblo de Oro Team 2 and Team IMG-Tagaytay Midlands.

Zamboanga Golf, also drawing 26 from Andre Lim and 20 from Reymond Moises, pooled 82 points for 323 overall.

It was a big comeback for Zamboanga which trailed Camp Aguinaldo by 14 points after the first round at Pueblo on Friday.

Zamboanga rallied in the next two rounds at Del Monte to start the day only two points behind overnight leader Camp Aguinaldo. “We stayed focused and patient,” said Mr. Elumba whose final round output was his best since he began competing in the Interclub in 2008.

The victory, its first, completed a rare sweep for Zamboanga which also clinched the Aviator class in the senior division last week.

Pueblo de Oro made a big charge behind a pair of 29s by Bing Espinosa and Martin Lu to score 84 points and tie Tagaytay Midlands with 317 points apiece. Pueblo de Oro’s third scorer was Roland Minoza.

Tagaytay Midlands was led by RJ Rizada and Yancy Siladan who shot identical 26 points with Bong de Silva adding 24.

Camp Aguinaldo, which got 29 points from Zaldy Villa, settled for fourth place.

In the Sportswriters bracket, San Juanico Golf Park & Country Club hung on to a one-point win over West Highlands and Golf Club of Butuan.

San Juanico, playing with only three men, carded 63 to finish on 272. Scoring for the team were Don Vicente Mate (24), Edson Malaki (20), and Jude Bakunawa (19).

West Highlands came through with 64 behind Anthony Asuncion (26), Alex Trinos (22), and Karl Tagunayon (16).

Third was South Cotabato with 262 points.

Foden double fires Man City to comeback win against Man Utd

March 4, 2024 | 7:00 pm

MANCHESTER — Phil Foden kept Manchester City’s Premier League title challenge bang on track with a superb second-half double as his side hit back to clinch a 3-1 home win over Manchester United on Sunday.

Marcus Rashford’s eighth-minute thunderbolt gave Man United the lead against the run of play and it looked like the visitors might put a dent in Man City’s hopes of a fourth successive crown.

But Pep Guardiola’s side remained patient, dominated possession and were eventually rewarded with Mr. Foden again proving how indispensable he now is for City.

Mr. Foden arrowed a sublime effort into the top corner in the 56th minute and the England forward then produced a clinical finish with 10 minutes of normal time remaining.

Erling Haaland, who missed a golden first-half chance, secured the points with a late strike.

Reigning champions City, whose unbeaten run in all competitions now stands at 19, moved to 62 points, one behind leaders Liverpool who they visit next weekend.

United, who suffered their 11^th league defeat of the season, remain in sixth place with 44 points.

Mr. Rashford’s bolt from the blue might have floored lesser sides but Erik ten Hag’s United could have few complaints at the way Manchester City turned things around — coming from behind to win a Premier League derby for the first time.

City had 74% possession and 27 efforts on goal compared to Manchester United’s three but for all the global talent on display, it was local boy Mr. Foden who found the key to the lock.

The 23-year-old was given a standing ovation as he walked off after taking a knock in stoppage time — City’s fans buoyant at keeping the pressure right on Liverpool and Arsenal.

City camped in United’s half in the opening minutes but were stunned when from the visitors’ first foray forward Bruno Fernandes rolled a pass back into the path of Mr. Rashford who instantly launched a 25-metre effort that crashed off the underside of the bar and into the net. — Reuters

Celtics lead by as many as 56 points, crush Warriors, 140-88

March 4, 2024 | 6:59 pm

Celtics-Jayson Tatum — BOSTON CELTICS FB PAGE

A DOMINANT first half allowed the Boston Celtics to extend their winning streak to 11 games by beating the visiting Golden State Warriors 140-88 on Sunday.

Boston made 15 of 24 3-point attempts in the first two quarters and led 82-38 at halftime. Boston’s 44-point halftime lead was the largest in the franchise’s history.

The Celtics shot 60 percent from the field in the first half (30 of 50), when they committed one turnover. The Warriors trailed by as many as 45 points in the second quarter. Each team rested its starters for all or most of the second half. Jaylen Brown led Boston with 29 points, and Jayson Tatum added 27 on his 26th birthday. Boston made 25 of 49 3-pointers (51 percent) in the win.

Lester Quinones tossed in a team-high 17 points for the Warriors, who trailed 115-62 after three quarters. Boston led by as many as 56 points in the fourth.

Stephen Curry went two-for-13 from the field (0-for-9 from 3-point territory) in the first half and finished the game with four points. He did not play in the second half. Klay Thompson (six points) sat out the second half because of a hamstring injury.

The Celtics made 10 3-pointers in the first quarter for a 44-22 advantage. It was 21-21 with 6:05 left in the quarter, but the Celtics scored the next 14 points. — Reuters

US Vice-President Harris calls out Israel over ‘humanitarian catastrophe’ in Gaza

March 4, 2024 | 5:48 pm

US VICE-PRESIDENT Kamala Harris bluntly called out Israel on Sunday for not doing enough to ease a “humanitarian catastrophe” in Gaza as the Biden administration faces increasing pressure to rein in its close ally while it wages war with Hamas militants.

Ms. Harris, speaking in front of the Edmund Pettus Bridge in Selma, Alabama, where state troopers beat US civil rights marchers nearly six decades ago, called for an immediate ceasefire in Gaza and urged Hamas to accept a deal to release hostages in return for a 6-week cessation of hostilities.

But she directed the bulk of her comments at Israel in what appeared to be the sharpest rebuke yet by a senior leader in the US government over the conditions in the coastal enclave.

“People in Gaza are starving. The conditions are inhumane and our common humanity compels us to act,” Ms. Harris said at an event to commemorate the 59^th anniversary of “Bloody Sunday” in Alabama. “The Israeli government must do more to significantly increase the flow of aid. No excuses,” Ms. Harris said.

Her comments reflected intense frustration, if not desperation, within the US government about the war, which has hurt President Joseph R. Biden with left-leaning voters as he seeks re-election this year.

Ms. Harris said Israel must open new border crossings, not impose “unnecessary restrictions” on aid delivery, protect humanitarian personnel and convoys from becoming targets, and work to restore basic services and promote order so that “more food, water and fuel can reach those in need.”

The United States carried out its first air drop of aid in Gaza on Saturday and Ms. Harris is scheduled to meet with Israeli war cabinet member Benny Gantzon Monday at the White House, where she is expected to deliver a similarly direct message.

Israel boycotted Gaza ceasefire talks in Cairo on Sunday after Hamas rejected its demand for a complete list naming hostages that are still alive, according to an Israeli newspaper.

“Hamas claims its wants a ceasefire. Well, there is a deal on the table. And as we have said, Hamas needs to agree to that deal,” Ms. Harris said. “Let’s get a ceasefire. Let’s reunite the hostages with their families. And let’s provide immediate relief to the people of Gaza.”

‘FIGHT FOR FREEDOM IS NOT OVER’
After concluding her remarks about the Middle East, Ms. Harris, the first Black and Asian American woman to serve as No. 2 to the commander-in-chief, turned her attention to the events of Selma and the ongoing effort to address racial inequality.

“Today we know our fight for freedom is not over,” she said. “Because in this moment we are witnessing a full-on attack on hard fought, hard won freedoms, starting with the freedom that unlocks all others: the freedom to vote,” Ms. Harris said, citing laws in states across the country that ban ballot drop boxes, limit early voting and, in Georgia, made it illegal to give food and water to people waiting in line to vote.

At the beginning of their time in office, Mr. Biden appointed Ms. Harris to lead their administration’s efforts to advance voting rights, but the effort largely fizzled without enough votes in Congress to pass new laws on the issue.

Mr. Biden has said democracy is on the ballot in the 2024 election, in which he is likely to face former President Donald Trump, the frontrunner for the Republican presidential nomination who sought to overturn the results of the 2020 election that Mr. Biden won. — Reuters

One-fifth of Mekong River fish species face extinction

March 4, 2024 | 5:47 pm

BANGKOK — Unsustainable development threatens the health and diverse fish populations of the Mekong river, with one-fifth of fish species in Southeast Asia’s main artery facing extinction, a report by conservation groups said on Monday.

The Mekong, stretching nearly 5,000 km (3,000 miles) from the Tibetan Plateau to the South China Sea, is a farming and fishing lifeline for tens of millions of people in China, Laos, Myanmar, Thailand, Cambodia and Vietnam.

Threats to its fish include habitat loss, conversion of wetlands for agriculture and aquaculture, unsustainable sand mining, introduction of invasive species, worsening climate change and hydropower dams fragmenting the flow of the river and its tributaries, according to the report compiled by the World Wildlife Fund and 25 global marine and wildlife conservation groups.

“The biggest threat right now, and a threat that’s still potentially gaining momentum, is hydropower development,” said fish biologist Zeb Hogan, who heads the Wonders of the Mekong, one of the groups behind the report.

Dams alter the flow of the world’s third-most biodiverse river, change water quality and block fish migration, he said.

Proliferating Chinese-built hydroelectric dams upriver have blocked much of the sediment that provides essential nutrients to tens of thousands of farms in the Mekong River Delta, Reuters reported in 2022.

Some 19% of the 1,148 or more fish species in the Mekong are heading towards extinction, said the conservationists’ report, “The Mekong’s Forgotten Fishes,” adding that the number may be higher as too little is known about 38% of the species to gauge their conservation status.

Among those facing extinction are 18 species listed as “critically endangered” by the International Union for Conservation of Nature, including two of the world’s largest catfish, the world’s largest carp and the giant freshwater stingray.

“Some of the largest and rarest fish… anywhere on earth occur on the Mekong River,” Mr. Hogan said.

Fish depletion in the Mekong – which accounts for over 15% of the world inland catch, generating over $11 billion annually – could harm food security for at least 40 million people in the Lower Mekong basin whose livelihood depends on the river, the report said.

Hogan said it was “not too late” for countries in the delta to coordinate efforts to reverse the adverse impacts on the fish population.

“If we take action, collectively take action, to develop the river sustainably, there’s still hope,” he said. — Reuters