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Islamic insurance seen helping deepen Philippine product penetration

PHILSTAR FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

Islamic insurance products can help address the low insurance penetration rate in the Philippines, a market which remains largely untapped, analysts said.

“There is still a great opportunity to increase the insurance penetration in the country per se since this is still relatively lower compared to other Asian countries amid improved financial literacy and still huge potential for increased financial inclusion, especially in the countryside, including in Mindanao,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Insurance Commission (IC) estimated the Philippine insurance penetration rate at 1.68% of gross domestic product (GDP) at the end of the third quarter. This refers to premium volume as a share of GDP or the effective share of the insurance sector in the national economy.

According to the Bangko Sentral ng Pilipinas Financial Inclusion Survey, fewer Filipinos had savings and insurance in 2021. The share of adults with insurance declined to 17% in 2021 from 23% in 2019.

The survey also found that only 2% of respondents were able to correctly answer all six basic financial literacy questions while 69% correctly answered at least half of the questions.

A bill seeking to include financial literacy in the senior high school curriculum is currently pending at the House of Representatives committee on Basic Education and Culture. If passed into law, the curriculum will include the basics of personal financial management, budgeting, saving, investing, credit and debit, insurance and taxes.

“There is potential to tap the Islamic markets with compliant products in terms of different products locally and in the international market, including Sukuk and other financial or insurance products,” Mr. Ricafort added.

Sun Life Philippines Chief Distribution Officer Al D. Quitangon said that the insurance firm is studying the potential of offering takaful insurance products.

“Are we open to it? If there is the proper time and opportunity and regulatory approvals. We do have assessments going on. We do feasibility studies,” he said.

He highlighted the need to study the regulations governing these products since they are new to the market.

“Not just as a company, I think as an industry, it’s an ongoing review of what we can offer the market that Filipinos would need in the future. And of course, for our Muslim brothers, we also have to cater to their own needs and hopefully when the right time and the right approvals happen, then we’ll have our own surprises,” Mr. Quitangon added.

Insurance Commissioner Reynaldo A. Regalado has said some insurance companies offer products that are takaful-compliant.

Takaful is an Islamic form of insurance consisting of pooled money that payouts are taken from.

The IC is currently studying how takaful insurance can be processed and regulated.  It will then conduct a pilot test of these products.

Last week, the IC and Budget department signed a memorandum of understanding on takaful insurance. Details of the memorandum have yet to be released.

SC backs employer in dismissing worker over lewd conversations

PHILSTAR FILE PHOTO

THE Supreme Court (SC) has ruled in favor of JP Morgan Chase Bank N.A. Philippine Global Service Center, after it dismissed an employee for engaging in lewd online conversations during work hours.

In a 16-page decision, the tribunal said JP Morgan validly fired its former customer service representative for knowingly violating workplace guidelines by engaging in indecent conversation during work hours.

“His own admission of participating and using the company chatroom in uttering indecent words about female colleagues and sending out company information to his personal e-mail address amount to a willful transgression of the company’s Guidelines on Workplace Behavior,” according to the ruling written by Associate Justice Marvic M.V.F Leonen.

Under the Labor Code, misconduct is defined as a “transgression of some established and definite rule of action, a forbidden act, a dereliction of duty, willful in character, and implies wrongful intent and not mere error in judgment.”

The former customer service representative, who had been hired in 2008, had participated in a private online chatroom that used obscene language about other coworkers.

The High Court noted that he had been a human resources department employee for more than six years and was well aware of company rules.

The National Labor Relations Commission had upheld an arbiter’s ruling that ordered JP Morgan to pay its former employee P1.92 million for legal fees, separation pay and back wages.

The Court of Appeals reversed the ruling saying the firm had validly dismissed him for violating company rules through the online chatroom and forwarding company information to his personal e-mail address.

“In the exercise of its management prerogative, the employer can discipline its employees, impose appropriate penalties on their infractions pursuant to company rules, and may not be compelled to continue employing persons whose continuance in the service will be inimical to its interest,” it said. — John Victor D. Ordoñez

Transforming bold vision into a successful IPO journey 

(Second of two parts)

In this period of economic recovery, entrepreneurs are increasingly looking at initial public offerings (IPOs) as an avenue to raise additional funds. But in the face of economic and geopolitical headwinds, how can CEOs turn their bold vision into a successful IPO?

In the first part of this article, we discussed how a company can start its IPO journey and the key factors to consider in order to succeed. However, now that we know what characterizes a successful IPO journey, CEOs need to ask if they are ready to deliver. Here, we discuss how the right IPO strategy and preparation can contribute to a successful IPO.

IPO STRATEGY
An IPO strategy starts with an equity story that incorporates a well-built corporate strategy and a fine-tuned business plan. A corporate strategy focuses on the company’s long-term goals, an optimal group structure, and growth objectives, while a business plan defines how the company can compete within the market and seize new opportunities. With a well-polished IPO strategy, IPO aspirants can better evaluate their strategic options by deciding on potential multi-track approaches to listing and the potential listing venues, coordinating with external advisors and identifying the right capital market that will resonate with the company’s business sentiments and growth ambitions.

A well-defined IPO strategy should be anchored on a holistic end-to-end view of the key milestones in an entity’s IPO journey — from strategic planning to IPO execution and after-market performance. This strategy is typically supported by a health check to identify any potential gaps within the company’s structures, finance function, environmental, social and governance (ESG) agenda, systems and controls, and investor relations.

STRUCTURES
Organizational structures bind the teams working together towards a common goal and demarcate functions between them. Given an IPO’s transformational nature, aspirants should consider revisiting and reshaping their current structures where needed to support the efficient functioning of the organization as a public company. This might also entail re-evaluating the group structure, governance, ownership and corporate structure.

IPO aspirants should reevaluate the group structure if the potential issuer or listing vehicle is part of a group. The group should define which company will be the potential issuer or listing vehicle, the country of registration, and its legal form. They must also assess which group structure is best positioned for listing through a transfer pricing analysis of current and future related party transactions.

Governance structure reevaluation can start by assessing whether there is a defined set of regulations and documented policies and procedures, and whether these align with governance reporting requirements and provide adequate transparency and accountability to current stakeholders. Since company ownership will be opened to the public, current shareholders should assess the ownership structure, the optimal proportion the public will own, what types of investors they are planning to attract, and the corporate image they want to project since these potential investors can influence the strategy and direction of the company post-IPO.

Corporate structure should also be reassessed to let potential investors identify each business unit or department’s level of responsibility and accountability. A well-defined corporate structure separates management and ownership roles. Internally, the structure should also allow CEOs to articulate the business plan to the group organization, how the IPO affects employees, and how business operations will be adjusted prior to and upon realization of the IPO transaction.

FINANCIAL
IPO aspirants must look at the finance organization through the lens of public markets even before they go public. Depending on the listing venue, changes to generally accepted accounting and financial reporting principles currently being applied may be required in preparing the financial statements. Companies need to check if the current finance infrastructure and processes can produce timely financial reports, as these are vital in building investor trust and confidence. As regulations on financial reporting vary across jurisdictions, a well-functioning financial statements close process that is supported by a capable mix of resources with the appropriate skills are necessary in responding to expanded reporting requirements.

Potential public and institutional investors will also consider the company’s external auditor. Appointing a credible external auditor will help improve investor confidence in the financial reports of the company. External advisers can provide objective viewpoints that can help in addressing any financial reporting gaps that the company may have overlooked in previous periods to optimize the finance function.

ESG AGENDA
In the Philippines, the ESG agenda is emerging as an important element for stakeholders in the IPO stage. Investors have started to consider ESG factors when making investment decisions, along with a company’s financial performance, resilience, and ability to sustain operations during adverse situations. Public companies are required to disclose their sustainability efforts as well as include their plans to further improve performance and achieve their ESG targets.

Companies can ensure compliance with sustainability principles by engaging advisers with an ESG background. Regulators also continue to develop and standardize climate disclosures required of public companies, such as the Securities and Exchange Commission’s (SEC) Revised Sustainability Reporting Guidelines and the Sustainability Reporting Form, to keep up with global developments around sustainability reporting.

SYSTEMS AND CONTROLS
IPO aspirants should revisit their enterprise-wide systems and controls to identify potential weaknesses and opportunities for improvement. Continuous process improvement should be implemented to ensure that the systems and controls are effective in capturing and mitigating potential risks, especially in a growing business operations setting. Entity-level controls, information technology (IT) general controls, and business processes controls should be documented properly to ensure they can support the requirements of a public company.

An effective internal audit function should be in place, performing as intended in the organization’s overall control framework. Internal audits can focus on areas such as the effectiveness of the company’s internal controls, corporate governance, and accounting processes. Internal audits also help the company in its continuous process improvement efforts.

INVESTOR RELATIONS AND COMPLIANCE FUNCTIONS
A company’s investor relations function facilitates two-way communication between the company’s corporate management and its investors. It also enables the integration between finance, communication, marketing and legal functions. Critical information provided by the investor relations function includes press releases, earnings reports, and analyst briefings which contribute to a transparent relationship between the company and its stakeholders. They help ensure that shareholder concerns and interests are also communicated to management and the board.

Further, the investor relations function cohesively monitors the company’s stock price, performance, competitive position, and public image. An investor relations officer normally reports to the company’s Chief Financial Officer (CFO) or Treasurer who has the primary responsibility over investor relations.

Meanwhile, the compliance function becomes even more relevant due to the additional regulatory requirements for a publicly listed company. These include regular reporting and ad hoc disclosures such as information on mergers and acquisitions, changes in leadership, legal issues, and significant sales or purchases of assets.

TIMING
Appropriately timing the market can result in a win-win situation by providing optimal valuation and IPO proceeds for the company, and investment returns for IPO investors. IPO aspirants must be able to communicate a realistic timeline to the entire IPO team and set milestones tracked by a Project Steering Committee and a Project Management Office (PMO).

The PMO ensures that the IPO project has enough resources throughout the IPO process, monitoring the strength and buoyancy of capital markets, current economic indicators, and company performance. Some companies decided to postpone or withdraw IPO plans due to market volatility, after-market performance of previous IPOs, and geopolitical uncertainties. In such cases, contingency plans are necessary to achieve the right timing — especially when the market reaches its ideal state for IPO listing. The PMO should be able to assess when to execute these contingency plans and consider the multi-track approach designed during the evaluation of the company’s IPO strategy.

IPO TRANSFORMATION
Starting the IPO journey does not mean immediately closing any gaps found during preparation. Instead, it presents the organization with an opportunity to identify them, prioritize which gaps require immediate action, and plan how to close gaps which can affect the company’s valuation before and post-IPO.

Our accumulated experience in supporting IPO aspirants tells us that IPO journey must be approached as a structured, managed transformation of the people, processes, systems and culture of an organization. Through careful planning and consideration of these factors, companies will be better equipped to transform their bold vision for growth into a successful IPO.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the authors and do not necessarily represent the views of SGV & Co. 

 

Aris C. Malantic is a partner and the Financial Accounting Advisory Services (FAAS) leader and Julius Ivan L. Bautista is a FAAS associate director of SGV & Co.

There’s still more to come from Brooke Van Sickle, Petro Gazz

BROOKE VAN SICKLE -- PETRO GAZZ ANGELS

BROOKE VAN SICKLE and Petro Gazz are just getting started.

Fresh from a stunning title run in the Philippine National Volleyball Federation (PNVF) Champions League, the Angels said that it was only the tip of the iceberg for the grander things they want to achieve — starting in the much-awaited Premier Volleyball League (PVL) stint later this month.

Albeit parading a rejigged roster, a new coach from Japan and coming in as the No. 3 team in the knockout rounds, Petro Gazz braved on and stole the crown from erstwhile unbeaten Cignal with a masterful 25-19, 27-25, 25-22 sweep.

Ms. Van Sickle was at the forefront of that commendable campaign for coach Koji Tsuzurabara’s wards, winning the Best Open Hitter and Most Valuable Player (MVP) awards to somehow issue a glaring statement in her first Philippine volleyball appearance.

“There’s still more to come from what we’re working up. We’ve kind of touched the surface but there’s a lot of cool things that coach Koji (Tsuzurabara) wants to improve. We’re still working on it,” said Ms. Van Sickle, a former Big West Conference MVP in the US NCAA.

Ms. Van Sickle, from the University of Oregon and the University of Hawaii, arrived only late last month that’s almost the same time as Mr. Tsuzurabara’s arrival.

The limited training camp hardly derailed the Angels’ route to the PNVF cup and with still more than a week before their PVL debut, expect them to polish the bearings and fine-tune their chemistry for an even stronger showing.

“I do believe that we’re a force to be reckoned with moving forward. We’re slowly proving ourselves and we’re building confidence slowly as each day goes by. We’re building that team chemistry and everything,” she beamed.

To do that, Ms. Van Sickle and Mr. Tsuzurabara will not march onto the battlefield alone as Jonah Sabete (Second Best Open Hitter) and team captain Remy Palma (Second Best Middle Blocker) are expected to provide solid coverage.

“It’s just the cherry-on-top type of finish. I’m very proud of my entire team. Knowing that I always have their back and they have mine, that’s my goal moving forward,” vowed Ms. Van Sickle. — John Bryan Ulanday

‘Records will be set’: Americans bet big on Super Bowl 58

LAS VEGAS — The sports gambling industry is preparing for a record-breaking inflow of money as Americans bet on Sunday’s Super Bowl in Las Vegas.

A record 67.8 million American adults are expected to bet a combined $23.1 billion on the matchup between the Kansas City Chiefs and San Francisco 49ers, the American Gaming Association (AGA) said this week.

So far, the highest wager at Caesars Palace in Las Vegas is $1 million towards the San Francisco 49ers beating the Kansas City Chiefs, according to Caesars Sportsbook Assistant Director of Trading Adam Pullen.

“They’re very passionate about their teams, the Bay Area fans, and they come over and they use their passion at the betting windows,” Mr. Pullen said.

“You might get more people that maybe wouldn’t bet, are going to throw a bet down, just because everybody knows it’s here. So, yeah, records will be set.”

The number of American adults planning to bet on the National Football League’s title game is up 35% from a survey conducted last year by the trade group representing the US casino industry, while the estimated value of wagers is well up from $16 billion last year.

With the expansion of legal sports betting, the AGA said traditional Super Bowl wagers are expected to pass casual wagers for a second consecutive year.

Las Vegas native Robert Jansing, a 49ers fan, was putting his faith — and money — in favor of San Francisco at the Caesars Sportsbook.

“I don’t bet a lot, but on the Super Bowl, I always do the Super Bowl…biggest game of the year,” Mr. Jansing said. “And I won the last two. I bet on Kansas City last year and I bet on the Rams a year before. So we’ll see how it goes.”

According to the AGA, 42.7 million American adults plan to place a traditional sports wager online, at a retail sportsbook or with a bookie, up 41% from 2023, while 36.5 million plan to bet casually with friends, up 32% from 2023.

The AGA also said bettors are nearly split on the outcome of the game, with 47% planning to bet on the defending champion Chiefs and 44% planning to bet on the 49ers. — Reuters

Ateneo alumni football friendly series kicks off Feb. 24

THE 4th INTER-ATENEO Football Friendlies (IAF) will kick off again on Saturday, Feb. 24, at the Ateneo de Manila High School in Quezon City.

Alumni from the five Ateneo universities will compete in two separate divisions to crown this year’s champions. In the last edition of the IAF in Zamboanga last year, the home team, Ateneo de Zamboanga, topped the 40+ age group while the visitors from the Ateneo de Manila were declared champions of the 48+ division.    This edition of the IAF is the biggest one yet with organizers expecting 300 athletes representing 15 teams coming from Cagayan de Oro, Davao, Naga, Zamboanga, and Manila. Each team will play in at least 5 20-minute games with an 8-a-side format.

At stake are trophies and bragging rights, though the games are typically spirited, with old high school and college rivalries bubbling to the surface.

Despite the competitive energy on the pitch, the IAF’s unofficial motto is “kalaro kita, hindi kalaban.” According to an organizer: “We fight and play very hard but, at the end of the day, we’re all Ateneans united in our passion for this beautiful game.”

While former national team members and college varsity members dominate the rosters, the line-ups also have a healthy representation of weekend warriors and those who took up the sport later in life.

The IAF is presented by partner Bank of the Philippine Islands, and supporting sponsors Red Rock IT Security, SMC Infrastructure, Rebisco, Likha Residences, BMW Motorrad, PAGCOR, Thunderbird Resort and Casino, Arton by Rockwell, and Randy’s Donuts.

The IAF is an annual football tournament open to former students of the various Ateneo.

It first kicked off in Cagayan de Oro in February 2020. After a hiatus due to the pandemic, it re-started in Davao in 2022 and continued in Zamboanga in 2023. This year, it is Manila’s turn to host, to be followed by Naga in 2025.

Christian Daluz tops ‘Bolok’ Memorial Open rapid chess

CHRISTIAN MARK DALUZ -- FACEBOOK.COM/LETRAN.EDU

FIDE Master (FM) Christian Mark Daluz shocked Grandmaster Darwin Laylo in topping the Antonio “Bolok” Memorial Open rapid chess tournament at the Brgy. Jesus Dela Peña Covered Court in Marikina City on Saturday.

The 21-year-old Mr. Daluz, a native of Sorsogon, ended up with a perfect score of seven points in claiming the top purse worth P10,000 in a tournament bankrolled by Boy Bolok Santos and organized by Isagani “Fischer” De Ramos, Jr. FM Noel dela Cruz turned back Phil Martin Casiguran to seize solo second spot with 6.5 points.

Mr. Laylo slipped to an eight-player group at third with six points but still took No. 3 after emerging with the highest tiebreaker.

Rounding out the top 10 were Mr. Casiguran, Jeremy Marticio, Sherwin Tiu, International Master Daniel Quizon, Leonel Escote, Carlo Caranyagan and Jonathan Jota.

Antonella Berthe Racasa emerged the best Marikina junior player plum after finishing with 4.5 points. — Joey Villar

Liverpool responds to stay top after Manchester City win

MANCHESTER City claimed the Premier League summit only to be swiftly knocked off it by Liverpool on Saturday, in a sign of what is likely to be in store over the coming weeks in a nail-biting title race.

Erling Haaland’s double — his first goals since returning from a foot injury — earned champions Manchester City a 2-0 victory over an obdurate Everton side at The Etihad Stadium.

That cranked up the pressure on Liverpool but Juergen Klopp’s side duly responded by beating Burnley 3-1 with Dioga Jota, Luis Diaz and Darwin Nunez all on target.

It meant the day ended as it had begun with Liverpool two points clear of City, who have played one game less.

Liverpool have 54 points from 24 games with City on 52 from 23 and third-placed Arsenal, who face West Ham United on Sunday, on 49 from 23 games.

Mr. Klopp’s side, beaten by Arsenal last week, were not at their best again and had to work hard to subdue Burnley who actually equalized through Dara O’Shea’s header and looked capable of taking something home as they battle against relegation.

Mr. Jota headed Liverpool into the lead in the 31st minute and Mr. Diaz and Mr. Nunez, also with headers, secured the victory after the break to return Liverpool above City.

City also found Everton a tough nut to crack and they did not muster a shot on target in the opening half.

Such is the firepower available to Pep Guardiola that even the stiffest resistance is usually pierced and Mr. Haaland’s return to the scoresheet was inevitable. His 15th and 16th goals of the season saw the Norwegian reclaim sole top spot in the league’s scorer list — his second set up by Kevin De Bruyne, also recently back from injury.

Tottenham Hotspur moved back into the top four — leapfrogging Aston Villa — thanks to Brennan Johnson who struck deep in stoppage time to secure a 2-1 home victory against Brighton and Hove Albion. — Reuters

Afif nets penalty hat trick as Qatar defeats Jordan, 3-1, to retain Asian Cup crown in Lusail Stadium

LUSAIL, Qatar — Qatar successfully defended their Asian Cup crown after beating Jordan 3-1 on Saturday at Lusail Stadium where Akram Afif converted three penalties as the hosts won their second continental title.

Jordan were playing in their first Asian Cup final and seeking their first major trophy, but it was Qatar who prevailed in front of 86,492 fans including Qatar’s ruler Sheikh Tamim bin Hamad al-Thani and FIFA President Gianni Infantino.

Yazan Al-Naimat had briefly given Jordan hope when he netted an equalizer in the second half but their dreams were shattered when they conceded two more penalties, put away by Mr. Afif who finished as the tournament’s top scorer with eight goals.

Mr. Afif, who was thrown into the air repeatedly by his team mates after the final whistle, also picked up the award for player of the match and most valuable player of the tournament.

Qatar took the lead when Mr. Afif won a penalty in the 20th minute as he tried to skip past Abdallah Nasib, with the referee immediately pointing to the spot as Jordan coach Hussein Ammouta reacted furiously on the touchline.

Qatar skipper Hassan Al-Haydos hovered near the penalty spot but once Jordan’s players were out of the way, he handed the ball to Mr. Afif and the forward stepped up to find the bottom corner from the spot.

The goal was the first Jordan had conceded since their dramatic last-16 win over Iraq and Mr. Afif celebrated his strike by performing a card trick for the cameras, displaying the letter ‘S’.

“’S’ is the first letter of my wife’s name, she’s from Kuwait. Today’s match was her first in the stadium,” Mr. Afif said. Jordan switched gears in the second half and pegged Qatar back as they began to find space in behind the defense.

Yazan Al-Arab nearly equalised with a sensational volley from a corner that was hit straight at the keeper while a back-heeled effort at the near post from Ali Olwan moments later went inches wide.

They finally found the equalizer midway through the second half when Mr. Al-Naimat controlled a cross with a sublime first touch, escaping his marker to fire home an uncontested shot for his fourth of the tournament.

Parity lasted only six minutes, however, as Qatar won another penalty after a VAR check for a trip by Mahmoud Al-Mardi and Afif made no mistake from the spot.

With 13 minutes added on, Jordan tried their best to find an equalizer once again but Qatar won a third penalty in stoppage time when Mr. Afif was through on goal and brought down by goalkeeper Yazid Abu Layla.

The forward kept his composure and stepped up one last time to put the game out of reach for Jordan as the home fans in the stadium erupted and unfurled a huge banner which featured their heroes from 2019 and the words “2023 loading.”

Opposition coaches who have faced him have praised his skills, with Tajikistan’s Petar Segrt saying it was only a question of time and whether the 27-year-old Al-Sadd forward wanted to return to Europe.

Since leading Qatar to the 2019 title with a tournament record 10 assists, Mr. Afif has become one of Asia’s most-feared players.

At the start of this tournament, he said he had dreams of returning to Europe having previously played for Eupen in the Belgian Pro League.

He later became the first Qatari player to be signed by a LaLiga club when he moved to Villarreal in 2016, but he was loaned out to Sporting Gijon before returning to Eupen and finally to Al-Sadd in 2018.

He has since developed and is arguably playing at his peak based on his Asian Cup exploits.

“I talked about becoming a professional player (in Europe). But it’s not me who decides. My wife also has to make the decision for me. It’s not easy to leave the club and country,” Mr. Afif told reporters after the final.

But he added: “I’d love to become a professional player (in Europe) … I’d say I would love to go.” — Reuters

Playing with fire

It’s hard to imagine Draymond Green and stability going together. After all, not for nothing has he been suspended twice this season alone for extraneous contact, the last for an indefinite period. Yet, it’s evident that he has been the foundation on which the Warriors hang their hats. If nothing else, their victory against the highly touted Suns yesterday underscored his importance to the cause; as has typically been the case, his contributions went far beyond the robust numbers he put up on the board.

Make no mistake. The Warriors can go only so far as Stephen Curry can take them. While fellow Splash Brother Klay Thompson is clearly on the wane, he has remained an offensive machine capable of scoring in bunches with his smooth touch from unlimited range, as well as with his dribble drives off a ridiculous handle. He’s the rare player who has actually improved with advancing age, and to a level beyond his Most Valuable Player years — attributable to his enhanced fitness and greater upper body strength.

All the same, there can be no Curry at peak efficiency without Green. The latter’s court vision, extended wingspan, and willingness to do the dirty work — often literally and figuratively — is precisely why the National Basketball Association’s finest shooter of all time manages to wow even harshest critics. There can be no questioning his effort on defense, his uncanny anticipation and mastery of the opposition’s tendencies propping up his excellent on-ball and help coverage. Yet, he’s arguably more critical at the other end of the court, what with his sterling playmaking and capacity for sacrifice in pursuit of collective objectives.

The Warriors have gone seven and four since Green returned from his ban, and they’re becoming more and more confident with every outing. They own a four-game win streak, which could just as easily have been 10; they lost to the Kings and Lakers by one, and to the Hawks in overtime. In the process, they’ve gone back to sporting an even slate and moved up to 10th in West standings. If there’s one thing they need to cut down on, though, it’s their penchant for playing with fire. They’re simply in too many close calls for comfort.

That the Warriors stood pat at the trade deadline highlights their belief that they have enough to contend for the hardware. Green accounts for much of the cockiness off the floor. The rest of their 2023-24 campaign will show how he can provide the validation on it.

 

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.

Palestinians brace for Rafah assault as Israel promises evacuation plan

A Palestinian man walks past the remains of a tower building which was destroyed by Israeli air strikes, amid a flare-up of Israeli-Palestinian violence, in Gaza City May 13, 2021. — REUTERS FILE PHOTO

DOHA/JERUSALEM — Israeli air strikes killed 17 people in Rafah on the Gaza border overnight, medics said on Saturday, as over a million Palestinians crammed into the city awaited a full-scale offensive with the rest of the enclave in ruins and nowhere left to run.

Four months into the war, Israeli Prime Minister Benjamin Netanyahu’s office said it had ordered the military to develop a plan to evacuate Rafah and destroy four Hamas battalions it says are deployed there.

The Israeli military said the air force killed two Hamas operatives in Rafah on Saturday.

Israel’s military ordered civilians to flee south before previous assaults on Gaza’s cities, but now there is no obvious place to go and aid agencies have said many people could die.

“Any Israeli incursion in Rafah means massacres, means destruction. People are filling every inch of the city and we have nowhere to go,” said Rezik Salah, 35, who fled from Gaza City for Rafah with his wife and two children early in the war.

A possible assault on Rafah prompted international concern, including posts on social media from British Foreign Secretary David Cameron and Dutch Foreign Minister Hanke Bruins Slot.

“Deeply concerned about the prospect of a military offensive in Rafah — over half of Gaza’s population are sheltering in the area. The priority must be an immediate pause in the fighting to get aid in and hostages out, then progress towards a sustainable, permanent ceasefire,” Mr. Cameron said on X, formerly known as Twitter.

“Hard to see how large-scale military operations in such a densely populated area would not lead to many civilian casualties and a bigger humanitarian catastrophe. This is unjustifiable,” Ms. Bruins Slot said.

AIRSTRIKES
The conflict in Gaza began on Oct. 7 when Hamas gunmen stormed border defenses to attack Israeli towns, killing around 1,200 people, mostly civilians, and taking around 250 hostages back to Gaza, according to Israeli tallies.

Israel responded with a massive bombardment and ground offensive in which about 28,000 Palestinians, mostly civilians, have been killed, according to medical authorities in Hamas-run Gaza.

The conflict has threatened to spread across the Middle East, with Israel and Lebanon’s Hezbollah regularly trading fire, and flare-ups in Syria, Iraq and Yemen.

In Yemen, the Iranian-backed Houthi militia held a funeral on Saturday for at least 17 militants killed during joint US-British airstrikes, the Houthi-run Saba news agency said.

The Houthis have used drones to attack merchant ships since Nov. 19 in what they say is a response to Israel’s military operations in Gaza, prompting retaliatory strikes from Britain and the United States.

The US Central Command said its forces conducted self-defense strikes against Houthi missiles and drones on Saturday.

In Lebanon, an Israeli strike targeted a Palestinian figure close to Hamas, security sources said. The target survived but three others were killed, including a member of Hezbollah.

Much of Gaza has been reduced to rubble by Israeli airstrikes, artillery fire and controlled detonations. More than 85% of Gaza’s 2.3 million inhabitants have been left homeless.

Most of the displaced have sought shelter in Rafah, on the border with Egypt, but after fruitless ceasefire talks, Mr. Netanyahu this week said Israeli forces would fight on until “total victory.”

On Friday night an airstrike on a Rafah house killed 11 people and wounded dozens and a second strike killed six people in another house, medical officials said. Earlier on Saturday two separate Israeli airstrikes killed five members of the Hamas-run police force in Rafah, including a senior officer, Hamas and medics said.

In the other main southern Gaza city of Khan Younis, where many displaced people initially fled before an Israeli offensive last month, the Palestinian Health Ministry voiced alarm at Israeli operations around the main Nasser Hospital.

The ministry said Israeli forces had surrounded the hospital and were shooting in the vicinity, raising concerns about 300 medical staff, 450 patients and 10,000 people sheltering there.

Footage circulating on social media, which Reuters could not independently verify, showed tanks at the hospital gates.

Israel’s military said its forces were continuing intensive activities in Khan Younis as well as northern and central Gaza, killing militants, seizing weapons and striking infrastructure.

It did not immediately respond to a request for comment on the situation at Nasser hospital.

FIERCE FIGHTING
In Gaza City, the first major population center targeted after Israeli ground forces invaded in October, residents reported fierce fighting on Saturday.

Israel said its forces had discovered a tunnel network hundreds of meters (yards) long running partly under the Gaza City headquarters of UNRWA, the main relief agency for Palestinians.

The military said it was evidence of how Hamas had exploited UNRWA, which has launched an internal probe and seen some donor countries freeze funding over Israel’s allegations that 12 of its roughly 13,000 employees in the Gaza Strip had participated in the Oct. 7 attacks.

UNRWA said its staff left its headquarters in Gaza City on Oct. 12 following Israeli evacuation orders.

“We have not used that compound since we left it nor are we aware of any activity that may have taken place there,” It said.

An Israeli official who declined to be named said Israel would try to organize for people in Rafah to be moved back north ahead of any assault.

Egypt has said it will not allow any mass displacement of Palestinians into its territory. Palestinians fear Israel means to drive them from their homeland, then forbid their return.

The continued warfare in Gaza City, long after Israel said it was redeploying some troops to other areas, shows the limitations of any evacuation proposal.

Palestinian rescue workers in Gaza City said they had found the bodies of a six-year-old girl and her family members, along with the ambulance team sent to rescue them, days after an audio clip of her call to dispatchers begging for help was released. — Reuters

Age, mental capacity dominate presidential campaign trail after report questions Biden’s memory

US PRESIDENT JOSEPH R. BIDEN — WHITEHOUSE.GOV

THE MENTAL ABILITY and age of the United States’ presidential candidates took center stage on the campaign trail on Saturday, following a report that suggested President Joseph R. Biden was suffering memory lapses.

Former President Donald Trump accused both Mr. Biden, the Democrat he will likely face in November’s general election, and Nikki Haley, Trump’s last remaining rival for the Republican presidential nomination, of lacking the mental capacity to be president.

Ms. Haley — like Trump, campaigning in South Carolina where the two will meet in a primary election on Feb. 24 — went after both men, calling Mr. Trump mentally deficient and saying Mr. Biden is too old to be president.

Meanwhile, the Biden White House, responding to the report on Thursday from a Department of Justice special counsel that said Mr. Biden had a poor memory, continued its full-scale attack on Mr. Trump’s age and mental acuity after Mr. Trump recently mixed up names and made other verbal gaffes.

“Every single time Donald Trump opens his mouth, he’s confused, deranged, lying, or worse,” T.J. Ducklo, a Biden spokesman, said in a statement released by Mr. Biden’s reelection campaign.

The issue of mental competency has become a major topic in this year’s presidential campaign. Mr. Biden, 81, and Mr. Trump, 77, are the two oldest men respectively to have been elected president. In recent days, Mr. Biden has mixed up the names of some world leaders.

The issue is a vexing one for Mr. Biden’s reelection campaign. In a Reuters/Ipsos poll conducted in September, 77% of respondents said they agreed with a statement that Mr. Biden was too old to work in government, while 56% said the same of Mr. Trump.

Ms. Haley, 52, has called for mental competency tests for presidential candidates over 75 years old. The issue was thrust front and center again after Special Counsel Robert Hur, a former US attorney in Maryland during Mr. Trump’s administration, said in his report that he chose not to bring criminal charges against Biden following a 15-month investigation into his handling of classified documents because the president cooperated.

Mr. Hur said the Democratic incumbent would be difficult to convict and described him as a “well-meaning, elderly man with a poor memory” who was not able to recall to investigators when his son, Beau Biden, died. Mr. Biden angrily denied Mr. Hur’s allegations about his memory, saying in a White House appearance on Thursday night, “my memory’s fine.”

Trump, at a rally in Conway, South Carolina, said Hur’s report showed Biden “is not fit to serve as our commander in chief.”

Mr. Trump — who faces four state and federal criminal trials, including one for mishandling classified documents — is close to clinching the Republican nomination, and the prospect of a likely general election rematch with Mr. Biden in November. Ms. Haley, who has no clear path to the nomination after Trump’s consecutive wins in Iowa, New Hampshire and Nevada, is refusing to quit the race, making a potential last stand in her home state of South Carolina, where she trails badly in opinion polls behind Mr. Trump.

Mr. Trump on Saturday called his former UN ambassador “birdbrain” and “brain-dead,” suggesting she did not have the mental capacity to enter the White House.

Ms. Haley, beginning a two-week bus tour of South Carolina, called Mr. Biden “diminished.” She also cited a recent Trump speech where he confused her with former Democratic House of Representatives Speaker Nancy Pelosi. “It’s bigger than just Joe Biden. Whether it’s Donald Trump getting me confused with Nancy Pelosi … it’s time for a new generational leader,” Ms. Haley told reporters. — Reuters

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