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Arsenal wins to move level with Man City, Spurs slip up at Wolves

ARSENAL beat struggling Burnley 3-1 to move level on points with leaders Manchester City at the top of the Premier League table on Saturday after Tottenham Hotspur slipped to a last-gasp loss at Wolverhampton Wanderers.

Manchester United recovered from their midweek Champions League defeat with a 1-0 victory over Luton Town, Everton scored a late winner to triumph 3-2 at Crystal Palace and struggling Bournemouth upset depleted Newcastle United 2-0 in the late game.

Leandro Trossard, William Saliba and Oleksandr Zinchenko scored in Arsenal’s victory which lifted them above Spurs to second in the table, level on 29 points with Manchester City, who have a game in hand.

Josh Brownhill had equalized for the visitors early in the second half but their joy was shortlived as Arsenal quickly retook the lead and secured the win to condemn Burnley to a sixth straight defeat.

Arsenal’s afternoon was slightly soured by substitute Fabio Vieira being shown a straight red card but manager Mikel Arteta, who blasted officials after the loss to Newcastle United a week earlier, gave the referees high marks.

“Please ask me about VAR because today it was good… I hope that I’m on TV saying the referees are so good and I’m completely with them and being very constructive,” Mr. Arteta said.

A late turnaround from Wolves thwarted Tottenham’s chance of returning to the Premier League summit earlier on Saturday as Pablo Sarabia and Mario Lemina scored in stoppage time to secure the hosts’ 2-1 win. — Reuters

Emily Kristine Pedersen enjoying strong showing at The Annika

DENMARK’S Emily Kristine Pedersen shot a 6-under 64 on Saturday and holds a three-shot lead after three rounds of The Annika in Belleair, Florida.

Ms. Pedersen’s bogey-free round leaves her at 18-under 192 at Pelican Golf Club, matching the LPGA record through 54 holes first set by tournament host Annika Sorenstam at the 2003 Mizuno Classic. It was later matched by Japan’s Nasa Hataoka (2018), South Korea’s Sei Young Kim (2018) and Danielle Kang (2021).

Amy Yang of South Korea and Lilia Vu are tied for second, three shots behind Ms. Pedersen. Ms. Yang carded a 61 and Vu shot 62 on Saturday.

Ms. Pedersen set the 36-hole event record on Friday when she was at 12-under 128.

On Saturday, she made consecutive birdies on Nos. 2 and 3 and later made four more on the back nine.

Ms. Yang eagled the par-4 No. 5 also had seven birdies in her bogey-free round. She made four birdies on the front nine and three on the back and said she tried to simplify her mental approach.

Lilia Vu birdied seven of the last 12 holes and had eight overall during her bogey-free round. She finished strong with three birdies in the final four holes.

Alison Lee (62 on Saturday), Thailand’s Patty Tavatanakit (62), Spain’s Azahara Munoz (64) and Mexico’s Gaby Lopez (65) are all tied for fourth place at 13-under 197.

Lexi Thompson (66) is part of a three-way tie for 12th at 10-under 200. — Reuters

Cavs sweep Warriors

The match wasn’t pretty by any measure. Neither the Cavaliers nor the Warriors shot well; they combined to make only 74 field goals out of a whopping 176 attempts. Not surprisingly, the complete picture reflected the poor touch of the marquee names. Donovan Mitchell had 21 points, but drew nylon in just seven of 22 stabs at the basket. Meanwhile, Stephen Curry’s needed to take 24, with nine being counted, en route to 30 markers. To the 18,064 fans at the Chase Center, however, the outcome was what mattered most. Unfortunately, even that was not to their liking.

Indeed, the Cavaliers wound up taking the Warriors anew. For the second time in six days, they proved superior to the 2022 National Basketball Association champions. It may still be early in their campaign, but they nonetheless took pleasure in winning the series against their longtime rivals. The last time the latter tasted defeat at their hands was Christmas in 2016, when LeBron James still ruled the roost, and when the euphoria of the greatest comeback in Finals history was still in the air.

It would be an understatement to argue that the Cavaliers most definitely didn’t care that they benefited from relatively friendlier whistles. They were awarded 13 more free throws off five more fouls by the Warriors. Most crucially, they got a break when defensive anchor and offensive fulcrum Draymond Green was ejected halfway through the third quarter following his second technical foul. Although the opposition used it as motivation to rally from a double-digit deficit to actually take the lead, they managed to right the ship with inspired play in the payoff period.

Considering the checkered history between the Cavaliers and Warriors, it’s a shame that they won’t meet anew in the 2023-24 season — unless, of course, they get to move past their brackets in the in-season tournament or make their way at to the Finals. In any case, there remains a lot of hoops to be played. The tantalizing proposition notwithstanding, they would do well to keep their eyes on the ultimate prize. After all, blips on the radar count for squat in the grand scheme of things.

 

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.

Israel offers to evacuate babies from Gaza hospital amid fighting

People sit inside a car as Palestinians, including foreign passport holders, wait at Rafah border crossing after evacuations were suspended following an Israeli strike on an ambulance, in Rafah in the southern Gaza Strip, November 5, 2023. — REUTERS

GAZA/JERUSALEM — Israel’s military said it was ready to evacuate babies from Gaza’s largest hospital on Sunday, where Palestinian officials said two newborns died and dozens more were at risk after fuel ran out amid intense fighting in the area.

As the humanitarian situation worsened, Gaza’s border authority said the Rafah crossing into Egypt would reopen on Sunday for foreign passport holders after closing on Friday.

Hamas said it had completely or partially destroyed more than 160 Israeli military targets in Gaza, including more than 25 vehicles in the past 48 hours. An Israeli military spokesperson said Hamas had lost control of northern Gaza.

At a news conference late on Saturday, Israeli Prime Minister Benjamin Netanyahu announced the deaths of five more Israeli soldiers in Gaza. The Israeli military said 46 had been killed since its ground operations there began.

Israel said rockets were still being fired from Gaza into southern Israel, where it has said about 1,200 people were killed and more than 200 taken hostage by Hamas last month.

Palestinian officials said on Friday that 11,078 Gaza residents had been killed in air and artillery strikes since Oct. 7, around 40% of them children.

Israel’s three major TV news channels, without citing named sources, said there was some progress toward a deal to free hostages held by Hamas in Gaza.

Mr. Netanyahu said he would not discuss details of any possible deal, which according to N12 News would involve 50 to 100 women, children and elderly being released in stages during a three to five day pause in fighting.

According to the reports, Israel would release women and minor Palestinian prisoners and consider letting fuel in to Gaza, while reserving the right to resume fighting.

Gaza residents said Israeli troops, who went to war to eliminate Hamas after its deadly cross-border assault on Oct. 7, had been clashing with Hamas gunmen all night in and around Gaza City where the Al Shifa hospital, Gaza’s largest, is located.

Ashraf Al-Qidra, who represents the health ministry in Hamas-controlled Gaza, said the hospital suspended operations after fuel ran out. He said two babies had died in an incubator as a result. He said there were 45 babies in total.

He said Israeli shelling killed a patient in intensive care and that Israeli snipers on rooftops fired into the medical complex from time to time, limiting people’s ability to move.

The World Health Organization expressed “grave concern” for the safety of everyone trapped in the hospital by the fighting and said it had lost communications with its contacts there.

Israel’s chief military spokesperson, Rear Admiral Daniel Hagari, said the Israeli military would help evacuate babies from the hospital, at the request of the staff at Al Shifa.

Muhammad Abu Salmiya, the hospital’s director, told Al Jazeera TV, that protecting patients was the priority.

“We contacted the Red Cross and informed them we ran out of water, oxygen, fuel, and everything,” Abu Salmiya said.

“The premature babies, patients of the intensive care, and even wounded people couldn’t survive with the lack of electricity… If the occupation forces want to evacuate the wounded people to any place in the world that is safer than the Gaza Strip, we are not against that.”

Israel has said doctors, patients and thousands of evacuees who have taken refuge at hospitals in northern Gaza must leave so it can tackle Hamas gunmen who it says have placed command centres under and around them.

Hamas denies using hospitals this way. Medical staff say patients could die if they are moved and Palestinian officials say Israeli fire makes it dangerous for others to leave.

Israeli Agriculture Minister Avi Dichter called the evacuations “Gaza’s Nakba” — a reference to mass dispossessions of Palestinians after Israel was founded in 1948.

“Operationally there’s no way to conduct a war the way the IDF (Israel Defense Forces) wants to conduct it inside Gaza territories,” Mr. Dichter said. “I don’t know how it will end.”

‘TOTALLY A WAR ZONE’
Ahmed al-Mokhallalati, a senior plastic surgeon at Al Shifa, told Reuters there had been continuous bombardment for more than 24 hours. He said most hospital staff and people sheltering there had left, but 500 patients remained.

“It’s totally a war zone. It’s a totally scary atmosphere here in the hospital,” he said.

The military wing of Hamas ally Islamic Jihad, the Al-Quds Brigades, said it was “engaged in violent clashes in the vicinity of Al Shifa Medical Complex, Al Nasr neighborhood, and Al Shati camp in Gaza.”

Al Nasr is home to several major hospitals.

Israel said earlier it had killed what it called a Hamas “terrorist” who it said had prevented the evacuation of another hospital in the north, which Palestinian officials have said is out of service and surrounded by tanks.

It said Ahmed Siam was killed along with other militants while hiding in the Al Buraq school. Palestinian officials told Reuters on Friday at least 25 Palestinians had been killed in an Israeli strike at the school, which was packed with evacuees.

In London, at least 300,000 pro-Palestinian demonstrators marched and police arrested over 120 people as they sought to stop far-right counter-protesters ambushing the rally. Over 20,000 people joined a pro-Palestinian rally in Brussels.

Meeting in Saudi Arabia, Muslim and Arab countries called for an immediate end to military operations in Gaza, rejecting Israel’s justification of self-defence. A communique issued at the summit urged the International Criminal Court to investigate “war crimes and crimes against humanity that Israel is committing.” — Reuters

Trump plans sweeping undocumented immigrant roundups, detention camps — NYT

Former US President Donald Trump — REUTERS

WASHINGTON — Former US President Donald Trump, if re-elected in 2024, would expand his first-term immigration crackdown to include sweeping roundups of people who would be held in large camps to await deportation, the New York Times (NYT)reported on Saturday.

The report was based on interviews with several advisers, including Stephen Miller, who oversaw Mr. Trump’s first-term immigration policies, the Times said.

It described Mr. Trump’s plans as “an assault on immigration on a scale unseen in modern American history” and said it aimed to deport millions of people every year, including those who have been settled in the United States for decades.

Mr. Trump is the leading contender for the 2024 Republican presidential nomination, and he likely will face US President Joseph R. Biden in a rematch of their 2020 contest. Mr. Trump’s election campaign did not respond to a request for comment. The White House declined to comment.

Mr. Trump did not mention the idea of establishing large camps to detain people in a campaign speech on Saturday in Claremont, New Hampshire.

The Biden-Harris campaign in a statement called Mr. Trump’s immigration plans “extreme, racist, cruel policies” that are “meant to stoke fear and divide us, betting a scared nation is how he wins this election.”

Among other measures, Mr. Trump would resurrect his ban on the entry of people from certain Muslim-majority countries, the newspaper said.

He would revive other hardline policies, including a COVID-19 era rejection of asylum claims, although this time the refusals would be based on assertions that migrants carry other infectious diseases, it continued.

Mr. Trump is looking to speed deportations through a massive expansion of a form of removal that does not require due process hearings, the newspaper said.

To aid US Immigration and Customs Enforcement (ICE) in sweeping roundups of undocumented people, Mr. Trump would reassign federal agents and deputize local police and National Guard troops volunteered by Republican-run states, the report said.

He would ease the strain on ICE detention facilities by building huge camps to hold detainees while their cases are processed as they await deportation.

To underwrite the massive operation if Congress refused, Mr. Trump would redirect Pentagon funds as he did with his border wall in his first term, the Times said.

“We’ll stop the invasion on our southern border and begin the largest domestic deportation operation in American history,” Trump said on Saturday.

In September, Mr. Trump told a rally in Iowa the deportation operation would be along the lines of the “Eisenhower model,” the Times said. That was a 1954 campaign named after an ethnic slur — Operation Wetback — to detain and expel Mexican immigrants.

Other parts of Mr. Trump’s plan call for screening visa applicants for ideological views, revoking the temporary protected status of people from certain countries deemed unsafe, and trying to end the citizenship birthright for babies born in the United States to undocumented parents, the newspaper said. — Reuters

Portugal’s PM soothes investors after resignation over corruption probe

A Portuguese flag is seen in Lisbon, Portugal, March 11, 2021. — REUTERS

LISBON — Portugal’s Prime Minister (PM) Antonio Costa, who resigned this week, told foreign investors on Saturday the country was open for business and wanted to remain attractive despite an ongoing corruption probe into “green” energy projects.

Costa stepped down on Tuesday over an investigation into alleged illegalities in his government’s handling of lithium and hydrogen projects, as well as a large-scale data center. President Marcelo Rebelo de Sousa has called an election for March 10. Mr. Costa denies wrongdoing.

The data center project, Start Campus, has been dubbed “one of the biggest foreign direct investments in Portugal in recent decades.” The CEO of the project, Afonso Salema, was among those detained as part of the ongoing investigation. He denies wrongdoing.

Alleged government interference in plans by London-based Savannah Resources to build four open-pit lithium mines in northern Portugal is also being looked into. The company said it was cooperating with authorities but that neither the company nor any of its staff were the targets of the investigation.

Lithium projects have faced strong opposition from local residents and environmentalists. They say the processes lacked transparency and have warned of “dangerous promiscuity” between decision makers and mining companies.

Afraid recent developments could have an impact on foreign investment in the country, Costa made a televised address to calm investors, telling them the country’s authorities complied with the rules and that there were strong regulations in place.

“To all those who have placed their trust in investing in Portugal, I want to say that today, and always, business investment is desired, welcome and will be well received,” Mr. Costa said.

He added that “eliminating bureaucracy… in strict respect of the law” was one of his government’s priorities to implement projects in the national interest.

Another government official named as a formal suspect in the investigation was Mr. Costa’s infrastructure minister, Joao Galamba, who previously served as energy secretary. Costa will meet the president on Tuesday to discuss Mr. Galamba’s future.

Costa’s chief of staff Vitor Escaria was also detained. Authorities found nearly 76,000 euros in cash hidden in his office, located in the premier’s official residence. His lawyer said the cash wasn’t illegal.

“The seizure of envelopes with money in the office of a person I chose hurts me… embarrasses me before the Portuguese and I have a duty to apologize,” Costa said. — Reuters

Australia says ports operator cyber incident ‘serious’

PIXABAY

SYDNEY — The Australian government on Sunday described as “serious and ongoing” a cybersecurity incident that forced ports operator DP World Australia to suspend operations at ports in several states since Friday.

DP World Australia, which manages nearly half of the goods that flow in and out of the country, said it was looking into possible data breaches as well as testing systems “crucial for the resumption of normal operations and regular freight movement.”

The breach halted operations at the containers terminals in Melbourne, Sydney, Brisbane and Western Australia’s Fremantle since Friday.

“The cyber incident at DP World is serious and ongoing,” Home Affairs Minister Clare O’Neil said on social media platform X, formerly known as Twitter.

A DP World spokesperson did not immediately respond to a Reuters request for comment on when normal operations would resume. The company, part of Dubai’s state-owned DP World, is one of a handful of stevedore industry players in the country.

The Australian Federal Police said they were investigating the incident, but declined to elaborate.

Late on Saturday, the National Cyber Security Coordinator Darren Goldie, appointed this year in response to several major data breaches, said the “interruption” was “likely to continue for a number of days and will impact the movement of goods into and out of the country”.

In the Asia-Pacific region, DP World says it employs more than 7,000 people and has ports and terminals in 18 locations. — Reuters

New satellite will detect and share CO2 data from individual facilities

PIXABAY

CANADIAN emissions monitoring company GHGSat on Saturday launched a satellite aimed at detecting carbon dioxide emissions from individual facilities like coal plants and steel mills from space for the first time.

The satellite, named Vanguard, launched from Vandenberg Space Force Base in California, GHGSat said.

Space-age technology is increasingly being used to hold polluting industries accountable for their contributions to climate change. GHGSat’s data is available for sale to industrial emitters who want to reduce their emissions, as well as to governments and scientists.

Vanguard will build on the growing network of satellites that are already spotting plumes of methane, an invisible greenhouse gas that is difficult to detect because it tends to leak from an array of small sources including pipelines, drill sites and farms.

Carbon dioxide accounts for nearly 80% of US greenhouse gas emissions from human activities and tends to enter the atmosphere from large industrial sources like power plants. Satellites monitoring carbon dioxide in the atmosphere currently are not focused on facility-level emissions, GHGSat said.

The data collected by Vanguard will help substantiate common practices of monitoring and measuring carbon dioxide emissions, according to Stephane Germain, CEO of Montreal-based GHGSat.

“Often what we find is a mix of direct measurements and estimates — therefore having a direct measurement of the entire facility from a satellite will act as a validation,” Germain said in an interview.

Satellites have already shown that methane emissions are broadly higher than estimated and Mr. Germain said he suspected the same is true of carbon dioxide.

The information will help bolster the accuracy of government emissions inventories and scientific modeling and will improve the quality of corporate greenhouse gas reporting for investors, GHGSat said. — Reuters

Keeping Lasallian glory high and bright at vivo School Tour

The much-anticipated vivo School Tour reached its grand conclusion at De La Salle University (DLSU) on Nov. 8, 2023. The event was a resounding success, leaving Lasallians buzzing with excitement and anticipation for the upcoming Grand Finals.

One of the major highlights of the event was the thrilling 3 on 3 basketball tournament, which drew enthusiastic participants and spectators alike. The Lasallians showcased their basketball prowess, with intense matches taking place throughout the day. The competitive spirit was palpable, and the campus was filled with cheers and applause.

As a result of their exceptional performance, two teams emerged victorious and will represent DLSU in the Grand Finals, to be held at the Music Hall of SM Mall of Asia on Nov. 18 and 19. These teams will go head-to-head with the best squads from other participating schools for the coveted title of 3 on 3 basketball tournament champion.

The excitement didn’t stop there as the event also featured a captivating TikTok competition. Two Lasallian groups took to the stage and danced their hearts out for a chance to win the competition. The winners of the TikTok contest will be revealed during the Grand Finals, adding an extra layer of excitement to the event.

The vivo School Tour has been an incredible journey, touching base at various esteemed educational institutions throughout the Philippines. The tour visited the following schools:

Lyceum of the Philippines on Sept. 29

@vivo_philippines Our first school tour happened in LPU Manila! Any guess kung anong next? 😉 #vivogoals #vivoSmartphones #vivoSchoolTour ♬ original sound – vivo_philippines

University of the Philippines Diliman on Oct. 7

@vivo_philippines It’s another day for our school tour! Here’s some highlights in UP Diliman 🏀 Thank you for playing with us, vivo fam! #vivogoals #vivoSmartphones #fyp #foryoupage #vivoSchoolTour ♬ original sound – vivo_philippines

Jose Rizal University on Oct. 12

@vivo_philippines JRU took the challenge! Let’s watch the highlights 🏀🔥 #vivogoals #fyp #vivoSchoolTour #vivoSmartphones ♬ original sound – vivo_philippines

National University on Oct. 19

@vivo_philippines It’s another 3×3 Basketball Challenge with National University! Thank you, NU! #vivogoals #vivoSmartphones #vivoSchoolTour #fyp #foryoupage ♬ original sound – vivo_philippines

De La Salle – College of St. Benilde on Oct. 25

@vivo_philippines Throwback to our CSB School Tour and here’s a highlights from the event! #vivoSchoolTour ♬ original sound – vivo_philippines

At each of these institutions, two winning teams are now diligently preparing to compete in the Grand Finals. The anticipation is growing as these teams get ready to face off against each other in the ultimate showdown.

The vivo School Tour Grand Finals promises to be an unforgettable event, bringing together the best talent and energy from each participating school. It will be a celebration of sportsmanship, creativity, and youthful exuberance that embodies the spirit of the vivo School Tour.

Stay tuned for more updates and highlights as we count down to the Grand Finals of the vivo School Tour. For the latest news and updates, follow vivo Philippines on Facebook, Instagram, YouTube, X, and TikTok. Don’t forget to use the hashtag #vivoSchoolTour.

 

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Metro Pacific Health eyes 40 hospitals in network by 2025

TOKYO, JAPAN – Metro Pacific Health Corp. (MPH), the healthcare arm of Metro Pacific Investments Corp. (MPIC), is targeting to have 40 hospitals in its network by 2025, a company official said on Friday.

“The logic there is if it’s bigger, it will take us a bit longer to do due diligence, and if it’s smaller, it is faster,” Chaye A. Cabal-Revilla, MPIC chief finance, risk, and sustainability officer, said during a media briefing.

“Now the trajectory is faster acquisition, [especially with] respect to smaller ones (hospitals),” she added.

MPH currently has 23 hospitals in its network, including the recent acquisition of a 60.88% stake in Lucena United Doctors Hospital and Medical Center (LUDHMC).

According to Ms. Cabal-Revilla, MPH is aiming to add two more hospitals in its network within yearend or by early next year.

MPH is also aiming to expand in regional areas, she noted.

“We are looking at expanding our footprint in the regional areas, specifically medium-sized hospitals in those regions.”

“For now, in terms of the number of beds and the size of the investment, we’ve pretty much acquired the biggest ones in Greater Metro Manila,” she added

Some of MPH’s other hospitals include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Riverside Medical Center, and Davao Doctors Hospital.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

FDI net inflows slip in August

Net inflows of foreign direct investments rose by 35.7% to $753 million in July. — REUTERS
REUTERS

By Keisha B. Ta-asan, Reporter

The country’s net inflows of foreign direct investments (FDI) slid in August as elevated inflation and high-interest rates continued to dampen investor sentiment.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed FDI net inflows inched down by 1% to $789 million from $797 million a year earlier. However, it rose 4.8% from the $753 million in July.

Despite the year-on-year decline, August saw the biggest monthly FDI inflow in four months or since the $877 million in April.

“The continued FDI net inflows reflect the country’s strong macroeconomic fundamentals. Nonetheless, the recorded slowdown may be due largely to investor concerns following the sustained uncertainty surrounding the global economy,” the BSP said.

The BSP mainly attributed the overall decline of FDIs to the contraction in non-residents’ net investments in debt instruments.

Non-residents’ investment in debt instruments, consisting mainly of inter-company borrowings between foreign direct investors and their units in the country, fell 7.8% year on year to $537 million in August from $582 previously.

However, this was offset by the growth of foreigners’ investments in equity capital (other than reinvestment of earnings), which rose 13.3% to $36 million from $31 million in August 2022.

Equity capital placements surged 171.6% to $216 million, while withdrawals skyrocketed by 275% to $181 million in August.

The equity placements were mainly from Japan, the United States, and Singapore. Investments were placed mostly in manufacturing, wholesale and retail trade, and information and communication industries.

Reinvestment of earnings also climbed 21.4% to $217 million year on year in August. Equity and investment fund shares expanded 20.2% to $253 million.

For the first eight months, total FDI net inflows dropped 12.9% to $5.45 billion from $6.26 billion a year earlier.

Foreign investments in debt instruments went down 14.2% year on year to $3.82 billion. Investments in equity and investment fund shares also declined 9.7% to $1.63 billion.

Net foreign investments in equity capital shrank 13.1% to $844 million. This, as equity capital placements rose 8.4% to $1.22 billion, but withdrawals surged 142% to $376 million.

Most of these placements were from Japan, the United States, Singapore, and Germany during the January to August period.

Reinvestment of earnings slipped 5.8% to $790 million in the first eight months.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said FDIs might have been dragged by elevated inflation and high-interest rates globally, which made investments more expensive.

Headline inflation accelerated to 5.3% in August from 4.7% in July, the first time in seven months. It marked the 17th consecutive month that inflation surpassed the BSP’s 2-4% target range.

Meanwhile, the BSP kept the benchmark interest rate steady at a 16-year high of 6.25% during its August policy meeting.

The BSP raised borrowing costs by 425 basis points (bps) from May 2022 to March 2023 to tame inflation.

Easing inflation in the coming months could prompt the central bank to start cutting borrowing costs in 2024, Mr. Ricafort said. This could help reduce financing costs, leading to a likely increase in FDIs later on.

Measures to further reopen the economy may also continue to boost investments, especially as the Philippines is still seen to be among the fastest-growing economies in the region, he said.

“Other reform measures to ease foreign ownership limits as already signed into law, such as the amendments to the Public Services Act, Foreign Investments Act, Retail Trade Liberalization Act, 100% foreign ownership of renewable power projects, among others, would all further encourage and attract more FDIs into the country,” he added.

The central bank projects FDI net inflows to reach $8 billion this year and $10.5 billion in 2024.

DENR, USAID to implement P836.5-M climate resilience project for 6 cities

PHILIPPINE STAR/ MIGUEL DE GUZMAN

The Department of Environmental and Natural Resources (DENR) on Friday said it would work with the United States Agency for International Development (USAID) to implement a P836.5-million climate resilience project for Batangas, Borongan, Cotabato, Iloilo, Legazpi, and Zamboanga.

The five-year Climate Resilient Cities project seeks to help the six cities establish their own capacity for climate data and analysis, and subsequently, their targeted action plans, the DENR said in an e-mailed statement.

“As cities increase in number and size, it underscores the need to enhance resilience capacities to withstand climate-related shocks and stresses,” Maria Antonia Y. Loyzaga, DENR secretary, said on establishing an anticipatory action system per city.

For the government, support for communities is crucial as only a small portion, or 36%, of Filipino households are fully prepared for natural disasters, according to a 2017 study by the Harvard Humanitarian Initiative.

The Asian Development Bank’s climate risk profile of the Philippines noted how climate change impacts agricultural productivity and slows down poverty alleviation.

“Both increased flooding and the increased likelihood of droughts could impact agricultural land,” it said.

“Without effective adaptation and disaster risk reduction, climate change is likely to exacerbate high existing levels of income and wealth inequality; poverty alleviation progress will be slowed,” it added.

Ryan Washburn, USAID mission director, noted the need for local governments and other stakeholders to improve understanding, use, and dissemination of climate information to their communities.

The DENR and USAID will work toward capacity-building and development programs for conferences, policy reforms, nature-based solutions, and information dissemination in partner cities, the department said.

The Philippines will launch its Climate Adaptation Plan at the 2023 United Nations Climate Change Conference in the United Arab Emirates on Nov. 30 to Dec. 12. — Miguel Hanz L. Antivola

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