Morocco finally succeeds in sixth attempt to host the World Cup

October 5, 2023 | 7:01 pm

RABAT — After five failed attempts to become World Cup hosts, Wednesday’s announcement that Morocco will share the honors with Spain and Portugal in 2030 will lift spirits in the north African country a month after the devastating earthquake that killed nearly 3,000 people.

The World Cup may also provide a boost to the Moroccan economy, which was already under increasing pressure due to a severe drought and high inflation rates, according to a World Bank report.

FIFA, in a surprise announcement a year earlier than planned, said Morocco, Portugal and Spain — the sole bid put forward — would host the 2030 tournament but added that Uruguay, Argentina and Paraguay would each host a match to mark the tournament’s centenary.

Observers said the ease of travel between Morocco and the two Iberian countries was important in the bid.

“The geographic proximity between them contributed to the decision to organize jointly, and in the recent period joint organization has become commonplace and this indicates that football brings us together more than it divides us,” said Muhammad Suhail, an analyst at BeIN Sports.

Morocco lost bids to be sole hosts in 1994, 1998 and 2006. FIFA’s decision to limit the bids to Africa for the 2010 finals raised Moroccan hopes but in the end South Africa became the first country on the continent to host the World Cup.

Morocco tried again for 2026 but the tournament was awarded to a joint bid by the United States, Canada and Mexico.

Joining forces with Spain and Portugal will have increased their chances of hosting the tournament, in addition to the support of Saudi Arabia who decided to focus on a 2034 bid instead of 2030.

Morocco also successfully hosted the Women’s Africa Cup of Nations last year, with its team reaching the final where they lost 2-1 to South Africa.

Last year’s performance by Morocco’s men in the Qatar World Cup, when they became the first African side to reach the semifinals, will have done them no harm either.

On their way to fourth place, Morocco defeated Spain on penalties in the last 16, then beat Portugal 1-0 in the quarterfinals.

“There is a football competition between the three teams, and instead of the struggle to qualify from the group stage, there will be a collective effort to make the tournament a success; from competition to love and cooperation,” Mr. Suhail said. — Reuters

Upbeat Nuggets

October 5, 2023 | 6:59 pm

NBA-DENVER-NUGGETS — NBA COMMISSIONER ADAM SILVER presents Denver Nuggets center Nikola Jokic (15) the Bill Russell NBA Finals MVP Award after winning the 2023 NBA Finals against the Miami Heat at Ball Arena. — REUTERS/ KYLE TERADA-USA TODAY SPORTS

AS expected, the Nuggets greeted Media Day at the start of the week with an eye towards repeating as National Basketball Association champions. Even as they saw potential contenders load up on talent and had their own roster stripped of vital cogs, they remained upbeat in regard to their chances. And why would they not stay confident? They have the same starting five led by reigning Most Valuable Player awardee Nikola Jokic and backstopped by playoff powerhouse Jamal Murray. Not to be underestimated is the capacity of head coach Michael Malone to coax the most out of his charges through astute maneuverings on and off the court.

Interestingly, Jokic lamented the absence of ample time to enjoy his summer in hometown Sambor, Serbia; he deadpanned that he was instead compelled to go through two and a half months’ worth of additional matches. Yet, as he pondered the possibility of carving another long path to the crown, he made his objective clear: “Just to win as [many] games as possible and try to have fun during that period. Go get the opportunity to win another [title].” And, needless to say, Murray was just as invested in defending their spot atop the league. “I just think we can do it again.”

First things first, though, and the endeavor includes a set-to against the Lakers three weeks from now to open their 2023-24 campaign. Bent on exacting revenge on the day they will also be receiving their rings, their Western Conference foes kept receipts of perceived slights from their end throughout the offseason. If Malone is to be believed, however, they’ve already moved on. “They’re talking about us? That was what, four months ago?” True, but he couldn’t resist the opportunity for another jab. “If they’re still worried about us, that’s on them.”

In any case, the Nuggets will continue to have targets on their backs. That’s the curse that comes with being pacesetters. They’re ready to take on all comers, though. Whether from the Celtics, Bucks, Lakers, Suns, or Warriors, the challenges won’t be anything they haven’t seen. And as Malone has underscored with his pronouncements in the locker room and in public, the biggest obstacles to their success are those they themselves construct. In other words, they’re right where they want to be, confident and primed to prove they deserve to be deemed the best of the best.

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.

US deepening intelligence links in Asia to counter China

October 5, 2023 | 5:35 pm

cybercrime-hacker — A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. — REUTERS

The US is deepening intelligence cooperation with countries across Asia as it looks to counter Beijing’s sophisticated spying apparatus and blunt Chinese cyber attacks.

The Biden administration has developed a set of separate but overlapping partnerships in Asia, including an intelligence-sharing arrangement with the “Quad” grouping of the US, India, Japan and Australia, according to US officials who asked not to be identified discussing matters that aren’t public.

The web of relationships also includes trilateral partnerships among the US, Japan and South Korea, and one encompassing the US, Japan and the Philippines, the officials said.

The push also involves strengthened bilateral sharing of information with Japan, India and Vietnam, according to the officials, who added that a major focus of these relationships is boosting resilience to Chinese offensive operations online.

These new and strengthened partnerships, known formally as intelligence liaison relationships, are in part aimed at reducing the growing power of China’s spy apparatus, which a recent UK parliamentary report described as the world’s largest. The administration effort is part of a broader drive to deepen links across the region amid growing alarm at the threat from Beijing.

“Intelligence liaison can serve as an important force multiplier,” said Daniel Byman, a specialist on the topic at the Center for Strategic and International Studies in Washington. “It can expand overall collection as different countries will have access to different secrets in different parts of the world.”

The Office of the Director of National Intelligence declined to comment on the relationships. A White House spokesperson said US cooperation in the region includes sharing information but declined to comment on specific relationships.

Japan has been deepening security cooperation with like-minded countries in Asia and the Indo-Pacific, including on intelligence and information, Cabinet Secretary for Public Affairs Noriyuki Shikata said by email.

India’s Ministry of External Affairs declined to comment. The South Korean, Australian, Philippine, and Vietnamese governments did not respond to requests for comment.

China’s increasing assertiveness in the region, combined with leadership changes in some capitals, has made countries such as South Korea and the Philippines more willing to cooperate of late, the US officials said. Some partners in the region also hope the ties will provide some security in the event Donald Trump wins the US presidential election next year. The closer links are already delivering results, the officials noted.

Late last year, India was able to repel a Chinese military incursion in the Himalayas thanks to strengthened intelligence-sharing with the US military, according to US News & World Report. In May 2022, the Quad countries announced a pact that provides data from commercial satellites to countries across the Pacific, allowing them to track the activities of China’s maritime militia, as well as smuggling and illegal fishing.

Deepened ties with Japan in this area come after what Washington sees as a quiet push by Tokyo to resolve longstanding US concerns about its ability to keep a secret, US officials said. In May, the US Space Force announced the delivery of sensitive satellite-tracking equipment to Japan.

In a meeting with US Defense Secretary Lloyd Austin on Wednesday, Japan’s defense minister Minoru Kihara vowed to carry out a drastic upgrade of information protection and cyber security capabilities with American help, according to a readout from the Japanese Defense Ministry.

Still, obstacles remain — not least because of questions about the US’s own ability to keep a secret. In April, the Justice Department charged a 21-year-old National Guard airman, Jack Teixeira, with illegally disseminating classified information, including sensitive battlefield data about Russia’s invasion of Ukraine and revelations that the US eavesdropped on allies such as South Korea.

The partnerships will complement the “Five Eyes” arrangement that has long been the cornerstone of US intelligence partnerships. That informal network consisting of the US, UK, Canada, Australia and New Zealand has shifted its focus to China in recent years, but its exclusive English-speaking membership limits its reach and relevance in Asia.

Five Eyes countries have been sharing secret information for decades through intimate networks of officials that permeate their intelligence, defense and foreign ministries. Asia’s emerging spy pacts are much newer and will likely take time to rival the Five Eyes.

“The Five Eyes’ dominance is pretty established, but when you start to work on different problems you get different priorities,” Mr. Byman said. “As we shift to China, then countries like Japan and South Korea become more important, alongside Five Eyes partners in the region like Australia and New Zealand.” — Bloomberg

In Singapore, a certificate to own a car now costs $106,000

October 5, 2023 | 5:34 pm

People waiting in line — OFFICE workers walk to the train station during evening rush hour in the financial district of Singapore, March 9, 2015. — REUTERS/EDGAR SU

SINGAPORE — To own a car in Singapore, a buyer must bid for a certificate that now costs $106,000, equivalent to four Toyota Camry Hybrids in the US, as a post-pandemic recovery has driven up the cost of the city-state’s vehicle quota system to all-time highs.

Singapore has a 10-year “certificate of entitlement” (COE) system, introduced in 1990, to control the number of vehicles in the small country, which is home to 5.9 million people and can be driven across in less than an hour.

The quota, offered through a bidding process, has made it the most expensive city in the world to buy a car, with the COE for a large car more than quadrupling from 2020 prices on Wednesday to a record S$146,002 ($106,376.68).

Including COE, registration fees and taxes, a new standard Toyota Camry Hybrid currently costs S$251,388 ($183,000) in Singapore, compared with $28,855 in the US A small, government-subsidized flat in Singapore costs about S$125,000.

In 2020, when fewer people in Singapore were driving, the price of COEs dropped to about S$30,000; a post-COVID increase in economic activity has led to more car purchases while the total number of vehicles on the road is capped at about 950,000. The number of new COEs available depends on how many older cars are deregistered.

The skyrocketing price puts cars firmly out of reach of most middle-class Singaporeans, putting a dent in what sociologist Tan Ern Ser said was the “Singapore Dream” of upward social mobility – having cash, a condominium and a car.

The median annual household salary in Singapore is S$121,188.

Singaporeans have been battered by persistent inflation and a slowing economy, and some are selling the cars they bought when COE prices were low to make a profit.

“There is a need to lower one’s aspiration from achieving the ‘good life’ to settling with a ‘good enough life’,” Tan said.

Jason Guan, 40, an insurance agent and father of two, said he bought his first car, a Toyota Rush, for S$65,000 in 2008, including the price of the COE.

Now Mr. Guan lives without a car, focusing on other perks that Singapore offers for his family.

“As a family man, it doesn’t affect me much as Singapore still has a good and stable education system. In terms of security, it’s still one of the safest countries,” he said. — Reuters

Theft or mistakes? Sam Bankman-Fried jurors hear competing explanations for FTX collapse

October 5, 2023 | 5:33 pm

NEW YORK — Sam Bankman-Fried’s lawyers and federal prosecutors clashed on Wednesday in opening statements over whether the former billionaire’s FTX cryptocurrency exchange collapsed due to “massive” fraud by its founder or errors in business judgment.

Mr. Bankman-Fried, 31, has pleaded not guilty to charges he used FTX customer money from the exchange’s 2019 launch until its November 2022 bankruptcy in order to prop up his hedge fund, Alameda Research, buy luxury real estate, and donate to US political campaigns and candidates.

The trial kicked off with jury selection on Tuesday, nearly a year after the collapse of FTX shocked financial markets and tarnished the budding entrepreneur and philanthropist’s reputation as an honest actor in a crypto sector prone to scams and purported get-rich-quick schemes.

In his opening statement on Wednesday, defense lawyer Mark Cohen portrayed the Massachusetts Institute of Technology physics graduate as a “math nerd” who overlooked risk management in building FTX, but did not steal customer money.

Mr. Cohen acknowledged that FTX lent money to Alameda, but said Mr. Bankman-Fried “reasonably believed” that those loans were permitted and backed up by collateral. He said some key aspects of FTX’s business, such as risk management, were “overlooked” as the startup grew rapidly.

“Sam and his colleagues were building the plane as they were flying it,” Mr. Cohen said. “No one person — no one CEO, certainly not Sam, could be everywhere and do everything.”

But prosecutor Thane Rehn said Mr. Bankman-Fried took more than $10 billion from unsuspecting FTX customers, and that he “doubled down” when Alameda’s risky investments in cryptocurrency began to lose money in May and June of last year.

“All of it was built on lies,” Mr. Rehn said. “He was using his company, FTX, to commit fraud on a massive scale, and the money he was spending to build his empire — it was money he was stealing from FTX customers.”

Prosecutors are expected to call three former members of Mr. Bankman-Fried’s inner circle — former Alameda chief executive Caroline Ellison and former FTX executives Nishad Singh and Gary Wang — to testify against him. All three have pleaded guilty and agreed to cooperate with prosecutors.

“They will give you an insider’s view of how the crimes occurred,” Mr. Rehn said in his opening statement, without naming the witnesses.

Mr. Cohen suggested they may “spin” Mr. Bankman-Fried’s good-faith decisions that they agreed with at the time as deceitful in hindsight. He also said Mr. Bankman-Fried urged Ms. Ellison to hedge Alameda’s crypto bets, but that she did not.

“Here in the real world, cooperation means testifying against Sam in a way that will help the government’s case,” Mr. Cohen said.

Jurors are expected to hear from Mr. Wang by the end of the week, another prosecutor, Danielle Sassoon, said in court.

Earlier on Wednesday, a jury of 12 primary members and six alternates was selected from a pool of residents of Manhattan, the Bronx, and New York City’s northern suburbs. The group includes a retired investment banker, a school librarian and a train conductor.

Mr. Bankman-Fried’s parents, Stanford Law School professors Joseph Bankman and Barbara Fried, were seen arriving at the federal courthouse in Lower Manhattan on Wednesday morning. They had not attended the trial’s first day.

Once known for his casual attire and mop of unkempt curls, Mr. Bankman-Fried sported a trim haircut and wore a suit and tie in court on both Tuesday and Wednesday.

He has been detained at the Metropolitan Detention Center in Brooklyn since Aug. 11, when US District Judge Lewis Kaplan jailed him for likely tampering with witnesses, including by sharing Ms. Ellison’s private writings with a reporter. Mr. Bankman-Fried and Ms. Ellison were at times romantic partners. — Reuters

Birkenstock the latest shoe IPO to drop in a tough market

October 5, 2023 | 5:32 pm

SANDAL company Birkenstock needs to sell more clogs and boots and boost sales from its own website and boutiques to attract new shoppers amid a cost of living crisis, investors and analysts said before it lists on the New York Stock Exchange next week.

Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September.

But several companies including Arm, Instacart, and Kellogg spinoff Kellanova that have gone public recently have seen their share prices slump.

And a cost of living crisis — which has seen consumers rein in spending on discretionary items like shoes and clothing in favor of essentials — could be a challenge for the premium footwear company.

Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International.

“The question is, how do you create desirability for people to buy another pair of Birkenstocks?” said Mamta Valechha, consumer discretionary analyst at asset manager Quilter Cheviot in London. Sandals are a seasonal product, which makes the company’s sales volatile over the year, Valechha added.

Still, Birkenstock has much else going for it — including the ability to stay popular decades since first becoming well-known as somewhat frumpy but comfortable sandals that complete a laidback, hippie look.

Founded in 1774 by Johann Adam Birkenstock, the Neustadt, Germany-based company’s “Birkenstocks” were exported worldwide and first sold exclusively in health stores in the United States.

A trend towards more casual dressing, turbo-charged by the COVID-19 pandemic, has kept them popular in recent years.

Like its footwear counterpart Crocs, Birkenstock has been able to keep up with style trends and rebrand itself as a fashionable item worn by models and celebrities. Barbie, played by Margot Robbie, wore a pink pair of Birkenstocks in the final scene of the eponymous movie released this summer.

“The parallel with Crocs is that both aren’t necessarily known for being beautiful, right?” said Jessica Ramirez, senior analyst at Jane Hali & Associates.

Yet people have continued to buy Birkenstocks and the brand has modernized and built momentum, she said.

“They [Birkenstocks] tap very nicely into many strong structural changes in buying habits: health, comfort and sustainability,” said Siobhan Gehin, senior partner at Roland Berger in London.

Birkenstock has disclosed plans to sell at least 32 million shares priced between $44 and $49 apiece, which would raise about $1.58 billion at the top end of estimates.

In its IPO filings, it said it would use the proceeds to pay down debt.

But Thomas Hayes, chairman of hedge fund Great Hill Capital, said Birkenstock would likely use some of the capital raised through the IPO to further expand, and that its strong position in the US allows it to pass on cost increases to shoppers.

At a time when foot traffic to major retail stores has been falling, Birkenstock has seen steady store traffic but analysts say it must continue to expand its direct-to-consumer sales to pull in more customers.

Retailers like Foot Locker and Dick’s Sporting Goods have started to cut back on their shoe orders, though neither carries Birkenstock.

While Birkenstock had 6,000 wholesale partners in fiscal 2022 it operated only a small network of about 45 of its own boutiques as of June 30.

New products on Birkenstock’s US website include $34.95 slides, $250 “Cannes” leather sandals and $240 leather boots. Unique visits to its website this year through August 2023 are up by roughly 26.4% over the same period last year, according to data from Similarweb. The monthly jumps in traffic to its site ranged from 11.5% to 72.1%, the data shows.

In contrast, some of its rivals, including designer sneaker brand Golden Goose, Dr Martens, and Allbirds saw visits to their own websites decline in recent months compared to a year ago, the Similarweb data shows. For the most part, U.S. sales of footwear for the back-to-school season have been bleak.

SUPPORT FROM KEY INVESTORS
Birkenstock is the latest in a series of footwear makers to go public in recent years — most with a lacklustre showing so far. AllBirds, Dr Martens, and On Running have all seen their market value fall since their IPOs in 2021.

Still, Birkenstock has the backing of some luxury sector heavyweights: Alexandre Arnault, the son of billionaire LVMH Chairman Bernard Arnault, will sit on its board and LVMH-backed private equity firm L Catterton – which owns 100% of the company now – will still own about 83% of Birkenstock after the offering.

Funds managed by Durable Capital Partners LP and Norges Bank Investment Management have also separately indicated an interest in buying shares with a combined value of $300 million.

“The expression of interest from prominent cornerstone investors is remarkable,” said Matt Oguz, CEO of Iris Family Office in Silicon Valley, who said he planned to buy Birkenstock shares.

But that support is not a guarantee of success on the stock market. Take the consumer-tech company Oddity, owner of beauty brands Il Makiage and SpoiledChild.

Backed by L Catterton, it went public in July priced at $35 per share, significantly above the initial range of $27-$30 before opening at $49.10 on its first day of trading. But its shares are now down nearly 45% from their opening price.

“When you look at the trend of other shoe companies that have IPO-ed, it doesn’t give a great outlook for Birkenstock,” Valechha said. — Reuters

Moderna combo COVID-19/flu vaccine effective in early-stage trial

October 5, 2023 | 5:31 pm

MODERNA on Wednesday said its combination vaccine to protect against both COVID-19 and influenza generated a strong immune response compared to individual shots for the viruses in an early-stage study.

Moderna said the combination generated antibodies similar to or greater than currently marketed flu vaccines, and was similar to its previous standalone COVID booster shot against the coronavirus.

The vaccine, called mRNA-1083, appeared to be effective against all four A and B strains of the flu in older adults when compared with widely used flu shots from GSK and Sanofi, according to the company.

Moderna also said the combination was found to be safe and tolerable, and that rates of adverse side effects were similar to those experienced by people who received its COVID-19 vaccine during the study.

The company said it plans to start a late-stage trial for the combination shot later this year.

“It’s hypothetically possible that it could be approved towards the end of the year, but more likely we’re talking about the 2025 fall season for the flu-COVID combination. So two years from today,” Moderna President Stephen Hoge said in an interview.

Shares of the US biotech company were down almost 2% in morning trading.

TD Cowen analyst Tyler Van Buren said the drop in shares was likely due to ongoing negative sentiment in the fall booster season for COVID-19 and the biotech industry.

“The combo update was positive per our note, so there is nothing fundamental that is obviously dragging the stock down,” he said.

The latest data is based on two arms of a larger study that involved around 1,000 people — one against GSK’s Fluarix in adults aged 50 to 64 and another against Sanofi’s Fluzone HD in people 65 to 79 years of age. Fluzone is the high-dose vaccine for older people.

In September, Moderna announced that its standalone flu vaccine had generated a stronger immune response against all four A and B strains of the influenza virus than available flu shots in a late-stage trial.

Moderna said on the same day that it was scaling down manufacturing of its COVID vaccine to align with lower post-pandemic demand and to help the company hit its target of 75%-80% gross margin growth sooner. — Reuters

China condemns Philippines’ re-supply mission to Ayungin Shoal

October 5, 2023 | 4:53 pm

BBM-Marcos-Xi Jinping — PRESIDENT Ferdinand R. Marcos, Jr. (right) and Chinese President Xi Jinping met for a bilateral meeting in Bangkok, Thailand on Nov. 17, 2022 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit. — OFFICE OF THE PRESS SECRETARY

CHINA has condemned a mission by four Philippine ships to re-supply Philippine troops on a disputed South China Sea atoll, saying the vessels had entered its waters in the Spratly Islands without its permission.

The Philippines said on Wednesday it had successfully sent supplies to its troops stationed on a World War II-era transport ship-turned-military outpost on the atoll despite attempts by China’s coast guard to block it.

While China is in dispute with several of its neighbors over its extensive claims in the South China Sea, its relations with the Philippines have been particularly fraught recently over the issue, especially since Ferdinand R. Marcos, Jr. took over as Philippine president last year.

“Philippine supply ships and two coast guard ships entered the waters … in China’s Nansha Islands without permission from the Chinese government,” China Coast Guard spokesperson Gan Yu said a post on its website, using China’s name for the Spratly Islands.

The atoll in the area is known as Ayungin in the Philippines, while China calls it the Renai Reef. Also known as the Second Thomas Shoal, it is 105 miles (109 km) off the Philippine island of Palawan.

A small number of Philippine troops live on board the old navy transport ship, the BRP Sierra Madre, which the Philippines grounded on the shoal in 1999 to reinforce its sovereignty claim.

China Coast Guard said in its post that it issued stern warnings and added it firmly opposed the illegal Philippe transport of materials to the ship that “sits on the beach” illegally.

The Philippines last completed a resupply mission to the grounded ship on Sept. 8. A month earlier, a China Coast Guard vessel fired water cannon at a Philippine supply boat during a similar attempt, drawing condemnation from the Philippines and old ally the United States.

China has told the Philippines to tow the vessel away but Manila has rejected the demand.

The Philippine National Security Council (NSC) said its re-supply and rotation mission was completed despite attempts by a significant number of China Coast Guard and Chinese Maritime Militia to “harass and interfere” with it.

“These missions are a legitimate exercise of the administrative functions of the Philippine government,” the NSC said.

China claims sovereignty over almost the entire South China Sea, pointing to a line on its maps that cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. The Permanent Court of Arbitration in 2016 said that the line on China’s maps had no legal basis.— Reuters

Cocolife LifeMax: Uplifting Filipino families to a brighter tomorrow

October 5, 2023 | 4:10 pm

In this fast-paced world, duties and responsibilities abound, most especially when it comes to family. As we grow older, we become more aware of our responsibility to secure the future for our loved ones.

Because of this, we seek new ways to further grow the money we worked so hard to earn. With this in mind, Cocolife came up with a simple and straightforward solution that can help you achieve financial security as you continue providing for the needs and wants of your loved ones.

Cocolife LifeMax is a non-participating, limited pay endowment plan that guarantees protection coverage and guaranteed returns through cash endowment payouts. It provides coverage for 20 years for the insured aged 5 to 50 years old.

“Cocolife shares your dream of an improved and secured quality of life,” said President and CEO Atty. Jose Martin Loon. “This is why we develop products which give you freedom to design according to your needs and resources.”

With Cocolife LifeMax here to provide a secure future for your families, rest assured that a better life awaits you and your loved ones.

LOOKING FORWARD

Cocolife LifeMax has a series of benefits that can secure a bright financial future for your family. With these benefits, you can rest easy knowing that you and your family are in good hands.

“You can explore Cocolife’s array of products and services that include income protection, investments, healthcare, education, pension, and retirement plans—all meant to ensure that your future and those of your loved ones are taken care of,” Loon said.

You and your loved ones stand to enjoy these benefits under Cocolife LifeMax:

Death benefit. Life insurance coverage equivalent to 200% of the plan’s face amount. This ensures that the insured’s family is well protected should anything happen to the insured during the term of the
Guaranteed returns. The policyholder will receive guaranteed cash returns through the maturity benefit and anticipated endowments as long as the insured is still alive.
Maturity benefit. If the insured outlives his Cocolife LifeMax policy, the policyholder will receive 100% of the plan’s face amount.
Anticipated endowments. Cash payouts equivalent to 10% of the plan’s face amount at the end of the 10^th, 12^th, 14^th, 16^th, and 18^th policy year, and 15% at the end of the 15th policy year as long as the insured is alive. This will help the policyholder to save regularly over a specific period of time which can be used to achieve his future goals.
Flexible payment options. Cocolife LifeMax is payable for either five or 10 years, and the premium can be paid annually, semi-annually, quarterly, or monthly.
Plan enhancement riders. The following riders can be added to fully maximize the Cocolife LifeMax plan: Waiver of Premium Upon Disability, Payor’s Benefit Rider Due to Death, Payor’s Benefit Rider Due to Death and Disability, and Accidental Death and Dismemberment.

“We assure you that Cocolife will provide you with only the highest quality of service, as we have done for the past 45 years,” Loon said. “It is a commitment that made us the first ISO-certified life insurance company in the Philippines.”

With people, especially young adults, thinking about their future and their families’, Cocolife LifeMax will be their first step towards financial security and achieving their life goals.

“As one of the recognized industry leaders, Cocolife will continue to keep its promise to actively help create a better life for you,” Loon said. — Adam Laurena

For more information on Cocolife LifeMax, you may call 8810-7888, e-mail customer_service@cocolife.com, or visit its website (www.cocolife.com).

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DITO Home UNLI 5G WIFI: Bolstering the speed and reliability of Philippine internet

October 5, 2023 | 3:31 pm

There are several facets of modern life that would be extremely inefficient—if not outright impossible—to do nowadays without a constant and stable connection to the internet.

Having a reliable internet connection is necessary for many reasons, including working from home, receiving the latest news, listening to music and watching movies online, and simply connecting with friends and family.

Which is why an internet service provider that provides fast and reliable broadband connection is so desirable here in the Philippines. After all, we are not exactly known for our stellar internet.

In 2020, the country ranked among the worst in the world (110th in a list of 139 countries on The Speedtest Global Index) in terms of broadband performance.

Now, with the arrival and proliferation of 5G technology, things are changing. According to data from Opensignal, in terms of improvement over 4G connections, Metropolitan Manila ranked second place with a 5G Download Speed score that was 7.3 times faster than its average 4G upload speeds. Metro Manila’s overall download and upload speeds on 5G were recorded at 150.7 Mbps and 14.4 Mbps respectively.

This is still a far cry from Seoul, which sits at the top of Asia-Pacific cities on the list at 453 Mbps and 40.6 Mbps, or Kuala Lumpur at 376.6 Mbps and 52.8 Mbps. But it is a marked improvement.

As digital transformation continues to sweep across the globe, there is an increasing pressure to improve the country’s connectivity. The arrival of DITO Telecommunity promises to address that.

Most recently, the rapidly expanding telecommunications company has launched DITO Home UNLI 5G WIFI, a low-cost broadband subscription that would provide Filipinos with up to 500Mbps+ and 5G internet speeds in their homes.

With DITO Home UNLI 5G WIFI, the company seeks to provide Filipinos with an ultra-fast internet connection without breaking the bank. The speed and reliability are DITO’s main selling points; the company promises an internet connection that can enable Filipinos to “go all-out in their daily activities at home—whether for remote work, business meetings, online schooling, or leisure activities like online gaming, streaming, e-shopping or social networking”.

From our experience, this has largely been true. DITO Telecommunity provided BusinessWorld with a trial of their DITO Home Unli 5G WIFI Postpaid Plan, which is marketed to deliver up to 500Mbps+ 5G WiFi internet.

While we did experience some slowdowns, they were mostly unnoticeable for daily use. The speeds we recorded averaged at well above 400 Mbps for about a week of almost constant usage—and no interruptions whatsoever. Granted, this was recorded in Quezon City, where the 5G connection is strong. Your mileage may vary depending on your area.

For any significant slowdowns or other concerns, DITO offers a 24/7 service assistance hotline.

For day-to-day activities, such as remote work, business conferences, video and music streaming, DITO Telecommunity largely lives up to their promises, at least for now. It will be hard to tell whether this will be the case a year from now, especially as competition in the telco space intensifies.

There are two variations of the DITO Home Unli 5G WIFI Postpaid Plan: one delivers unlimited data and up to 500Mbps at P1490, while the other is a data-capped plan, offering 200 GB at P990 per month.

Both plans include a 30-day Prime Video subscription for subscriptions January 26, 2023 onwards and both earn DITO Rewards points with each bill payment.

The data-capped plan (Plan 990) supports data rollover as well, meaning leftover data from the previous billing cycle can be carried over to the next billing cycle, but not beyond that.

If they run out of data between billing cycles, 20GB Booster Promos are available on the DITO App for an extra P190, which will be charged to the next bill directly. These are valid for the next 30 days upon purchase.

Multiple Boosters can be availed as long as these are supported by your credit limit. If multiple Booster Promos are availed, the data validity of the older Booster Promo will extend to the end of the validity of the newer Booster Promo.

Users can monitor their data and usage via the DITO App.

DITO Home 5G Wifi Postpaid is available in 490 Barangays across the National Capital Region, Cavite, Davao, Laguna, 50 Barangays in Cebu and 11 Barangays in Mandaue.

Interested customers will need to provide DITO with one valid ID and their latest proof of billing such as utility bills like water or electricity, bank-issued documents, or barangay certificate of residence.

Applications are open via DITO Experience Stores in NCR, Laguna Cavite, Cebu & Davao, DITO Home website, and DITO booths in select communities.

Newly acquired subscribers and existing subscribers shifting to DITO Home UNLI 5G Postpaid Plan 1490 can also get the introductory offer of P745 per month instead of P1,490 per month for six months. The introductory price will apply starting from the 2nd month to the 7th month of the subscription.

DITO subscribers can pay their bill using the following payment channels: DITO Experience Stores, via DITO APP online payment through debit or credit card (Visa, Mastercard and JCB), GCash, Maya, GrabPay, ShopeePay, WeChat Pay, or a Pay & Go payment kiosk.

If they pay via the DITO App or MyDITO, they earn 3% from each payment as DITO Rewards points. If they pay through partner channels such as GCash, Maya, etc., this will be at 1% from each payment. Rewards can be redeemed for benefits such as data rewards and vouchers on the DITO app.

DITO also offers prepaid options for P1090 for unlimited 5G, and for P590 for 100 GB capped data allocation per month.

Take note that prepaid customers are required to purchase the DITO Home Starter Kit priced at P7,990. DITO Home Starter Kits come with 50GB of open-access data, also valid for 30 days. It also includes a 30-day subscription to Prime Video.

For more information, visit https://dito.ph/home5gpostpaid.

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Filipino MSMEs struggle with logistics in global arena — Shopee

October 5, 2023 | 2:50 pm

LOGISTICAL support is a challenge for Filipino micro, small, and medium-sized enterprises (MSMEs), especially in the global market, according to e-commerce platform Shopee.

Harnessing the transformative potential of technology is key to facilitating long-term growth for Filipino sellers, Vincent Lee, head of Shopee Philippines, said in an e-mailed press release on Thursday.

Shopee Philippines launched its #TatakPinoy International initiative on Tuesday, which offers free cross-border logistics support for Filipino MSMEs to expand and connect with international customers.

The program will be available to all Shopee sellers soon, initially opening in its markets in Singapore and Malaysia, the company said.

The platform and its third-party logistics partners will process order fulfillments for sellers through a system similar to what they currently use, it added.

“Sellers and brands can maintain their local selling experience but can now reach a wider buyer pool and higher order volume to expand their consumer base to Shopee users in other markets.”

“This underlines our dedication to fostering local economic growth and forging sustainable opportunities for our community of local MSMEs,” Mr. Lee said.

Shopee Philippines aims to benefit local sellers and enhance cultural exchange and collaboration across Southeast Asia, in line with the broader economic goals of the country.

The initiative hopes to “empower local sellers to expand their business and connect with international customers, strengthening the global presence of Filipino brands,” the company noted.

“It will also empower Filipino entrepreneurs and artisans to showcase their talents and products to an international audience, promoting Philippine culture, craftsmanship, and ingenuity globally,” it added.

The platform also offers learning and livestreaming tools for entrepreneurs — avenues to form communities with key opinion leaders and buyers.—Miguel Hanz L. Antivola

BSP ready to resume tightening as needed

October 5, 2023 | 1:54 pm

The Bangkok Sentral ng Pilipinas (BSP) stands ready to resume policy tightening as necessary, it said in a statement on Thursday, after inflation quickened for a second straight month in September.

The central bank said it still expects inflation to decelerate back to within its target by end-2023 in the absence of further supply shocks.

The central bank’s statement followed the release of data from the Philippine Statistics Authority showing a double-digit gain in the price of rice drove the inflation rate last month to accelerate to 6.1% compared to a year ago, its fastest pace in four months.

Days before the data’s release, BSP Governor Eli M. Remolona raised the possibility of an off-cycle rate hike, but economists said the probability of that happening is low, although a hike at the central bank’s Nov. 16 meeting looked certain.

“I think this inflation print is enough to drive one more hike….I doubt an off-cycle hike is possible, but 16 November should see one more hike,” Shreya Sodhani, regional economist at Barclays, said in an email.

Last month’s inflation print, which was higher than August’s 5.3% rate and above the 5.3% forecast in a Reuters poll, brought year-to-date average inflation to 6.6%.

The central bank, which kept interest rates steady at 6.25% at its last four meetings, said it “stands ready to resume monetary policy tightening as necessary to prevent the renewed broadening of price pressures.”

Rice inflation quickened by 17.9% in September, the fastest in over 14 years, the statistics authority said, helping fuel the 10% food inflation rate for the month.

However, there are some signs the inflation gains from rising rice prices may be easing.

The country’s economic planning agency on Thursday said it would recommend extending the lowered tariff rates on rice until December 2024, a day after Philippine President Ferdinand Marcos Jr lifted a cap on rice prices.

With the supply of rice adequate, Marcos has pinned the blame on the increase in the cost of the national staple on hoarders, smugglers and price manipulators.

Overall, the Philippines saw some slight moderation in underlying price pressures, with core inflation, which doesn’t include volatile food and energy prices, easing to 5.9% in September from 6.1% in August.

“This data point and the shift in the inflation path likely prompts one or two (rate hikes) this year although we feel the timing might be more tied to a potential, if it happens, Fed hike in early November,” ING Economist Nicholas Mapa said. — Reuters