Home Blog Page 4729

Underestimated

Considering Nikola Jokic’s current status as the best of the best in the National Basketball Association, it’s fair to wonder why he lasted all the way until Pick No. 41 in the 2014 rookie draft. True, he has progressed by leaps and bounds since then, with a championship backstopped by three Maurice Podoloff (now Michael Jordan) and Bill Russell Trophies. On the other hand, the otherworldly talent he possesses should have already been obvious nine years ago; after all, it isn’t as if he suddenly became nimble and athletic.

To be sure, Jokic has been underestimated throughout his career. For instance, he was picked next to last in the 2023 All-Star Game. Shortly after, he was denied a third straight regular-season Most Valuable Player award; voters deemed Joel Embiid a more deserving recipient, never mind his superiority in terms of advanced metrics. To his credit, he has seen fit to ignore the apparent disrespect; he is comfortable in his own skin, marching to the beat of a different drum en route to success. And, if nothing else, he has used it as motivation to continue proving his worth.

The Nuggets, of course, know how fortunate they are to have Jokic leading their cause. They understand, keenly, that without him, they are mediocre at best. Which is why they are only too happy to have the competition continue underestimating him and, by extension, them. The fact that he doesn’t seem to care about individual accolades serves only to underscore his priorities. During media seasons, he constantly chucks by the wayside talk about his stats and ensuing MVP narratives. Heck, he even left his Finals MVP hardware on the table after it was handed to him. As he noted in his post-title interview. “It’s good. The job is done. We can go home now.”

Make no mistake, though. Jokic is fully aware of the gravity of his latest accomplishment. It doesn’t matter if the Nuggets’ playoff run consisted of matches against eighth, fourth, seventh, and eighth seeds. They played all who were in front of them, and they crushed all who were in front of them. And, in the process, he put up videogame numbers matched by a mere handful in the annals of pro hoops. That he did so in his own way and at his own pace further accentuated his position as first among equals.

So don’t be fooled by Jokic’s outwardly nonchalant disposition. He cares about what he does. “Basketball is not the main thing in my life, and is probably never going to be,” he argued last month. But even as family comes first for him, he is guided by a work ethic that compels him to be at his finest no matter what he does. Which is why, his statement notwithstanding, he went on a tear that showed all and sundry his place among the league elite: At the top, with no one coming close.

 

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.

Lebanon’s crisis deepens as presidential vote collapses

BEIRUT — The powerful Hezbollah group and its allies thwarted a bid by their rivals to elect a top International Monetary Fund (IMF) official as Lebanon’s president on Wednesday, sharpening sectarian tensions and further dimming prospects for preventing a collapse of the state.

Four years since Lebanon went into a financial meltdown that marks its worst crisis since the 1975-90 civil war, parliament failed for a 12th time to elect someone to fill the post reserved for a Maronite Christian under the country’s sectarian system.

The standoff has opened a fresh sectarian fault line, pitting the Iran-backed, heavily armed Shi’ite Muslim Hezbollah against Christian factions including its own ally, Gebran Bassil, who endorsed IMF official Jihad Azour for president.

Neither Mr. Azour nor Hezbollah-backed candidate Suleiman Frangieh came close to winning the 86 votes needed to win in a first round vote. Mr. Azour, the IMF’s Middle East Director and an ex-finance minister, won the support of 59 of 128 lawmakers.

Mr. Frangieh secured 51.

Hezbollah and its allies then withdrew from the session, denying the two-thirds quorum required for a second vote in which 65 votes are enough for victory.

Shi’ite Parliament Speaker Nabih Berri, a Hezbollah ally, did not schedule a new session. It leaves Lebanon with no immediate way of filling a post vacant since the term of the Hezbollah-allied President Michel Aoun ended in October.

Mr. Azour thanked lawmakers who backed him, saying he hoped the will expressed by “the majority of deputies” would be respected.

Hezbollah lawmaker Hussein al-Haj Hassan said the group was ready for dialogue but sticking by Frangieh, a friend of Syrian President Bashar al-Assad.

George Adwan, a Christian lawmaker with the anti-Hezbollah Lebanese Forces party, said the vote was “a major victory” because it showed Mr. Azour close to 65 votes.

But with parliament fractured, analysts say the logjam may now require the type of foreign intervention that has resolved past crises in Lebanon, including the 1989 deal mediated in Saudi Arabia that ended the civil war.

Lebanese political sources have anticipated that a new detente between Saudi Arabia and Iran could play out in Lebanon, but say they have not yet sensed pressure as other issues — including the Yemen war — take precedence.

A newly-appointed French envoy is expected in Beirut next week in a mediation effort.

Washington is concerned by the stalemate and wants to see a president elected who can unlock International Monetary Fund support for Lebanon, but it is up to the country’s leaders to resolve the crisis, US State Department spokesperson Matthew Miller said.

“We believe that Lebanon’s leaders and their elites must stop putting their own interests and ambitions above the people of their country,” Matthew Miller said at a press briefing.

SECTARIAN TENSIONS
“You can’t stay in this situation,” said Mohanad Hage Ali of the Carnegie Middle East Center, noting forthcoming state decisions included agreeing a replacement for central bank governor Riad Salameh, who faces corruption charges which he denies. His term ends in July.

Lebanon has been without a fully empowered cabinet since parliamentary elections last year.

Hezbollah, designated a terrorist group by the United States, unleashed fierce rhetoric against Mr. Azour, describing him as a candidate of confrontation.

Lebanon’s Shi’ite Mufti Sheikh Ahmad Qabalan dialled up the attacks without naming Mr. Azour, accusing him of being backed by Israel and saying “a president with an American stamp will not be allowed”.

Mr. Azour, 57, has said he wants national unity and reforms.

He was finance minister from 2005 to 2008, a period of political conflict pitting a government backed by the West and Saudi Arabia against Hezbollah-led opponents aligned with Damascus. That crisis culminated in conflict in 2008, with Hezbollah seizing much of Beirut.

The financial crisis was caused by decades of corruption and profligate spending by ruling politicians whose vested interests have obstructed any steps towards addressing it.

The cabinet passed a recovery roadmap in May 2022, despite objections by Hezbollah ministers. The IMF has criticized Lebanon for very slow progress in implementing reforms. — Reuters

US plays down chance of breakthrough from Blinken China visit after tense call

US Secretary of State Antony Blinken. Official White House — CAMERON SMITH VIA FLICKR

WASHINGTON — The United States on Wednesday played down expectations of any breakthrough from the first trip by a US Secretary of State to China in five years, after a tense call with China’s foreign minister ahead Antony Blinken’s visit to Beijing next week.

Chinese foreign minister Qin Gang urged the United States to stop meddling in its affairs and harming its security in a call with Mr. Blinken on Wednesday, and said it should respect China’s core concerns to arrest declining relations between the superpowers, China’s foreign ministry said.

Having postponed a February trip after a suspected Chinese spy balloon flew over US airspace, Mr. Blinken is set to become the highest ranking US government official to visit China since President Joseph R. Biden took office in January 2021.

US officials said Mr. Blinken would push to establish open communication channels to ensure competition with the Chinese does not spiral into conflict.

“We’re not going to Beijing with the intent of having some sort of breakthrough or transformation in the way that we deal with one another,” Daniel Kritenbrink, the State Department’s top diplomat for East Asia, told reporters in a briefing call.

“We’re coming to Beijing with a realistic, confident approach and a sincere desire to manage our competition in the most responsible way possible,” he said.

Mr. Kritenbrink said he expected Mr. Blinken would “reiterate America’s abiding interest in the maintenance of peace and stability across the Taiwan Strait” and also discuss the situation in Ukraine.

Mr. Blinken’s long-delayed visit is aimed at stabilizing relations between the world’s two largest economies and strategic rivals. Ties have deteriorated across the board and raised concerns they might one day clash militarily over the self-ruled island of Taiwan, which China claims as its own.

The two sides are also at odds over trade, US efforts to hold back China’s semiconductor industry and human rights issues.

Chinese state media said Mr. Blinken would visit on June 18 and 19. Mr. Kritenbrink said Mr. Blinken would hold a series of meetings with senior Chinese officials.

The two sides did not say which officials Mr. Blinken would meet. Asked at a regular briefing it he would meet President Xi Jinping, US State Department spokesperson Matthew Miller said:

“I won’t speak to any potential meetings, other than to say we’ll have announcements about who he will be meeting with and when over the next few days.”

CRISIS COMMUNICATION
Sources familiar with the planning said Mr. Blinken had been expected to meet Mr. Xi on the canceled February trip.

A primary objective for Mr. Blinken will be “candid, direct and constructive” discussions with China, Mr. Kritenbrink said, but he cautioned about the prospect of progress.

“There will be a substantive and productive agenda that we’ll have before us, but, again, the objective is to focus on those top line goals, not necessarily to produce a long list of deliverables,” he said.

One alarming aspect of the sour ties has been Beijing’s reluctance to have open military-to-military dialogue with Washington, despite repeated US attempts.

White House Indo-Pacific Coordinator Kurt Campbell said in the same call that Washington has an interest in setting up crisis communication mechanisms to reduce conflict risk.

“I believe Secretary Blinken will advocate strongly that these lines of communication are necessary. They are how mature, strong militaries interact and the stakes are just too high to avoid these critical lines of communication,” he said.

US officials expect Mr. Blinken’s visit will pave the way for more bilateral meetings, including possible trips by US Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo, in the coming months. Mr. Campbell said “a series of visits in both directions” were expected “in the period ahead,” but did not elaborate.

US President Joseph R. Biden and Mr. Xi held their first face-to-face leadership talks on the sidelines of the G20 summit in Bali in November.

In three-and-a-half hours of talks, they covered topics including Taiwan and nuclear-armed North Korea, but the meeting ultimately failed to ease tensions.

The balloon episode and exchanges of visits by US and Taiwanese officials have magnified US-China tensions.

“Since the beginning of the year, Sino-US relations have encountered new difficulties and challenges, and the responsibility is clear,” Qin told Mr. Blinken, according to the Chinese foreign ministry’s readout.

The United States should “stop interfering in China’s internal affairs, and stop harming China’s sovereignty, security and development interests in the name of competition,” Qin Gang added. — Reuters

EU told to slash greenhouse gas emissions 90-95% by 2040

REUTERS

BRUSSELS — The European Union (EU) should commit to slash its net greenhouse gas emissions by as much as 95% by 2040, official advisers said on Thursday, as Brussels prepares a new goal to curb Europe’s contribution to climate change.

The European Commission is drafting what would be the EU’s first legally binding emissions-cutting target for 2040, aimed at guiding the world’s third-biggest economy towards its aim to have zero net emissions by 2050.

The EU’s advisory board on climate change said the goal should be a 90% to 95% cut in net emissions by 2040, compared with 1990 levels.

“The pathways and other analysis indicate numerous potential benefits to climate action — better air quality, better health outcomes, [becoming] less dependent on imported fossil fuels, less water stress,” said Ottmar Edenhofer, who chairs the 15-member board of independent scientific experts.

The advisers assessed more than 1,000 emissions scenarios, to make a recommendation consistent with the Paris Agreement’s goal to limit global warming to 1.5C — the level that would avert its worst climate impacts.

The advisors said reaching the 2040 goal would require a massive scale up of renewable energy, a shift to electrify polluting industries, and replacing fossil fuels with alternatives like hydrogen. Coal use in the power sector would be virtually eliminated by 2030, followed by gas power in 2040.

Methods to remove CO2 from the atmosphere — through technologies or natural methods like trees — would need scaling up, but the advisors said the majority of the target should be met by reducing emissions outright.

The EU has among the most ambitious climate change policies of any major economy, having passed a raft of laws to deliver its 2030 target to cut net emissions by 55%, from 1990 levels.

But the advisors said even their recommended 2040 target would fall short of what should be the EU’s “fair” contribution to meeting global climate goals, considering Europe’s high per-capita historical emissions compared with poorer nations.

To address this fairness gap, EU countries should support other countries to cut their emissions, while slashing its own, the advisers said. 

A European Commission spokesperson said the recommendation would feed into its own assessment of the 2040 target, which is due early next year. — Reuters

No bail for exiled Chinese businessman Guo Wengui

NEW YORK — A US appeals court in Manhattan on Wednesday said the exiled Chinese businessman Guo Wengui should remain in jail while he awaits trial over an alleged fraud that federal prosecutors have said exceeds $1 billion.

The 2nd US Circuit Court of Appeals said it did not have a “definite and firm conviction” that a trial judge erred in rejecting Mr. Guo’s proposed $25- million bail package.

Lawyers for Mr. Guo did not immediately respond to requests for comment.

Mr. Guo, a critic of China’s Communist Party and business associate of former US President Donald Trump’s onetime adviser Steve Bannon, has been jailed in Brooklyn since his March arrest. His trial is scheduled for April.

Prosecutors have said Mr. Guo defrauded thousands of followers who invested in a media company, cryptocurrency and other ventures, and spent some proceeds on luxuries including a $37-million yacht, a $3.5-million Ferrari and a New Jersey mansion.

Also known as Ho Wan Kwok and Miles Kwok, Mr. Guo has pleaded not guilty to 11 charges including securities fraud, wire fraud and concealing money laundering.

In denying bail, US District Judge Analisa Torres on April 20 said prosecutors had established that if released Mr. Guo would be a serious flight risk and pose a danger to the community, and that there was no assurance he would appear in court.

Lawyers for Mr. Guo argued that he was not a flight risk, and that the Manhattan district court had released the late swindler Bernard Madoff and FTX cryptocurrency exchange founder Sam Bankman-Fried on less restrictive bail terms than Mr. Guo proposed.

The case is US v. Kwok, US District Court, Southern District of New York, No. 23-cr-00118. The appeal was US v. Kwok, 2nd US Circuit Court of Appeals, No. 23-6421. — Reuters

Indian gov’t seeks to mainstream adoption of Ayurvedic medicine in PHL

EMBASSY OF INDIA MANILA

By Miguel Hanz L. Antivola

THE INDIAN embassy in Manila on Thursday said it will be working with the Philippine government to mainstream the practice of Ayurveda, the ancient Indian system of medicine, in the country.

“We already have it, but in a very low-key and unstructured manner,” said Shambhu S. Kumaran, ambassador of India to the Philippines, during a roundtable discussion on Thursday.

“We are waiting for the Philippine government to [get back to] us; we are ready,” he added, on the pursuit of institutionalizing Ayurveda in the country.

The Philippine Institute of Traditional and Alternative Health Care, a government-owned corporation, and India’s National Institute of Ayurveda signed a memorandum of understanding last year on cooperation in the field of Ayurveda and other traditional systems of medicine.

The Philippines is the first country in Southeast Asia to sign such an agreement, according to the Indian embassy.

Ayurveda, which directly translates to ‘science of life,’ is a natural system of medicine originating from India that promotes well-being through lifestyle interventions and natural therapies.

The treatments primarily focus on an internal purification process achieved through a suitable diet, herbal remedies, yoga, and meditation.

In the Philippines, Ayurveda has been gaining significant momentum, and the goal of its institutionalization is to revitalize and improve access to traditional medicine, according to Mr. Kumaran.

“The objective is to initiate discussions and generate public interest so that all of you can access Ayurveda in a more comprehensive, structured, and legally supported manner,” he said.

Butch Ong, the division chief for research and development at the Philippines’ alternative medicine agency, noted the similarities between herbal remedies in Ayurveda and indigenous herbs found in the country.

Notable examples of such herbs include turmeric, pepper, and lagundi.

Mr. Ong added that the shared cultural and healthcare aspects between the Philippines and India have the potential to expedite the collaboration process, potentially influencing the content of the second edition of the Philippine Pharmacopoeia of Medicinal Plants.

To advance the collaboration outlined in the memorandum of understanding, a delegation comprising Ayurveda professionals and representatives from India visited the country from June 13 to15.

The agreement encompasses the exchange of researchers, capacity building of experts, and sharing of scientific knowledge to promote evidence-based research in the field of Ayurveda.

It also includes capacity building in various areas such as the collection and storage of medicinal plants, quality control measures for these plants, standardization processes, data generation, and regulatory aspects.

“India is willing to provide assistance in infrastructure development, the establishment of collaborative centers, and the modernization of existing laboratories,” said Sanjeev Sharma, vice-chancellor at the National Institute of Ayurveda, Jaipur.

The embassy’s Mr. Kumaran also urged the Department of Health to expedite the licensing process for Ayurveda practitioners and medicines, facilitate the training of Filipino nationals in Ayurveda, and consider allowing Ayurveda doctors to practice in the country.

Australia cancels lease for new Russian embassy citing national security

STOCK PHOTO | Image by Rebecca Lintz from Pixabay

SYDNEY – Australia said on Thursday it would introduce legislation to parliament to cancel Russia’s lease to build a new embassy in the national capital of Canberra, citing national security.

The move follows the conclusion of a long-running litigation regarding the leased site after the federal court ruled last month that an eviction order made by the National Capital Authority – a government body tasked with the planning of the national capital – was invalid.

“The government has received very clear security advice as to the risk presented by a new Russian presence so close to parliament house,” Prime Minister Anthony Albanese told reporters.

“To be clear, today’s decision is one taken in the national security interests of Australia.”

Albanese said his government acted quickly to ensure the leased site did not become an official diplomatic presence.

The termination of the lease would have no impact on Russia’s existing embassy in Canberra.

Russia bought the lease in 2008 and had plans approved in 2011 but the National Capital Authority blamed the embassy for leaving the site unused, according to Australian media.

Home Affairs Minister Clare O’Neil said the “principal problem” with the proposed second Russian embassy was its location, as the site sits directly adjacent to the parliament house.

The bill has the support of the opposition coalition and is expected to pass both houses.

Albanese said his government has anticipated a response from Russia over the decision and “we will await what response occurs.”

“We don’t expect that Russia’s in a position to talk about international law, given their rejection of it so consistently and so brazenly with their invasion of Ukraine,” he said.

Australia is one of the largest non-NATO contributors to the West’s support for Ukraine and has been supplying aid, ammunition and defence equipment and has banned exports of alumina and aluminium ores, including bauxite, to Russia.

Since the conflict began, Australia has provided millions in military support to Ukraine and has sanctioned more than 1,000 Russian individuals and entities. – Reuters

UK’s Sunak scraps plan for supermarket price cap after backlash -Telegraph

Rishi Sunak. — Picture by Pippa Fowles/No 10 Downing Street/Flickr/CC BY-NC-ND 2.0

British Prime Minister Rishi Sunak has abandoned plans to ask supermarkets to impose a voluntary price cap on basic goods after a backlash from retailers, the Telegraph reported on Wednesday.

Last month, a Telegraph report on government plans to restrict food prices drew a sharp reaction from the industry representative, the British Retail Consortium (BRC), which argued such measures would not bring about any significant changes.

“The government has never been considering imposing price caps. We continue to engage with supermarkets about the best way to support consumers,” a British government spokesperson said.

British ministers are pursuing other measures to deal with sky-rocketing food inflation, and officials had reassured retailers there would be no intervention in prices, the Telegraph said on Wednesday, citing sources.

Britain’s competition regulator told supermarkets in late May it was looking at their earnings to identify which supply chains it needed to examine more closely as part of attempts to reduce food price inflation.

Asda, Britain’s third largest supermarket group, this week froze prices of over 500 products until the end of August, adding to signs that a surge in food inflation is set to abate and even reverse in the coming months. – Reuters

Microsoft, Activision ask judge for speedy schedule in FTC challenge

WASHINGTON – Time is running out on a deadline for Microsoft to complete its $69 billion acquisition of Activision Blizzard, compelling the companies to ask a US judge on Wednesday to quickly get the ball rolling on the Federal Trade Commission’s legal bid to block the deal.

US District Judge Edward Davila on Tuesday had set a June 22-23 evidentiary hearing in San Francisco and temporarily blocked the companies from completing the deal pending a decision by another judge on the same court on whether to grant a preliminary injunction.

The hearing will focus on whether to put the deal on hold while an administrative judge considers the case. But the companies said if a temporary hold is granted they would have to drop the deal altogether because the “glacial” pace of the FTC review would make waiting impractical.

“Time is of the essence,” the companies wrote in a court filing, noting that the agreement has a termination date of July 18 and contains a $3 billion termination fee that Microsoft would have to pay.

“Let there be no doubt, a preliminary injunction ruling is the only decision that matters under these challenging deadlines.”

The FTC declined to comment.

The companies asked the court to schedule a minimum of five days for an evidentiary hearing beginning on June 22 and running through the week of June 26. They also asked for a case management conference to be set for Thursday but emphasized they were not seeking to delay a resolution by asking for a longer evidentiary hearing.

If the court grants the FTC preliminary injunction “it will effectively block the transaction because the FTC’s process is ‘glacial’ and one no substantial business transaction could ever survive,” Microsoft and Activision wrote citing a 1986 case.

The hearing in the FTC administrative proceeding is set to begin Aug. 2.

The FTC has argued the transaction would give Microsoft’s video game console Xbox exclusive access to Activision games, leaving Nintendo 7974.T consoles and Sony Group Corp’s 6758.T PlayStation out in the cold.

Microsoft’s bid to acquire the “Call of Duty” video game maker was approved by the EU in May, but British competition authorities blocked the takeover in April. – Reuters

ECB to raise rates further even as economy stutters

FRANKFURT – The European Central Bank is all but certain to raise borrowing costs to their highest level in 22 years on Thursday and leave the door open to more hikes, extending its fight against high inflation even as the euro zone economy flags.

Growth across the 20 countries that share the euro is at best stagnating and inflation has been moderating for months, courtesy of lower energy prices and the steepest increase in interest rates in the ECB’s 25-year history.

Furthermore, the US Federal Reserve broke a string of 10 successive rate hikes late on Wednesday, a powerful signal for investors around the world that the current tightening cycle across developed economies is nearing an end, even if more US rate hikes are still likely.

But inflation in the euro zone is still unacceptably high for the ECB at 6.1% – more than three times its 2% target – and underlying price growth, which typically excludes food and energy, is only starting to slow.

That is likely to keep the ECB on the tightening path, particularly after it failed to predict the current bout of high inflation and began raising rates later than many global peers last year.

“They simply cannot afford to mess it up once again,” said Carsten Brzeski, the global head of macro at Dutch bank ING.

The ECB is predicted to increase the deposit rate – the interest rate banks pay to park cash securely at the central bank – for the eighth consecutive time, by 25 basis points to 3.5%, its highest level since 2001.

Economists polled by Reuters expect another move of the same magnitude in July before the ECB pauses for the rest of 2023.

ECB President Christine Lagarde is nevertheless expected to keep a further hike in September in play during her press conference on Thursday, and to push back against traders’ bets that the central bank will cut rates next year.

“We expect the ECB to leave the possibility of a terminal rate above 3.75% on the table and to encourage the market to price out some of the 2024 rate cuts,” economists at Deutsche Bank wrote in a note.

MIXED PICTURE

The ECB will update its economic forecasts, which are likely to put inflation closer to, but still above, 2% next year before it reaches the target in 2025.

While this would normally augur a pause in policy tightening, the ECB has been taking its own projections with a pinch of salt after years in which they missed the mark.

Instead, euro zone rate-setters have focused on actual economic data that has been painting a mixed picture.

Two quarters of contraction in industrial powerhouse Germany dragged the euro zone into a shallow recession last winter and the economy is likely to eke out only modest growth this year.

But unemployment is at record lows and wage growth is picking up, even if it still lags inflation.

Headline price growth has been falling fast after hitting double-digits late last year. But underlying prices, most notably for services, have yet to show the decisive drop ECB policymakers have said they would need to see before taking their foot off the monetary brake.

Higher borrowing costs are curbing demand for credit from households and companies as well as banks’ willingness to lend, but consumption is holding up well in nominal terms.

These opposing factors were likely to provide ammunition to both sides of the ECB’s Governing Council – the hawkish majority that has been pushing for more rate hikes and a minority of doves who have been advocating a pause.

As a result, economists expect the ECB to send out a more balanced message about the outlook than at recent meetings, when it stressed the need to raise rates further to cool demand.

“The ECB will probably emphasise even more strongly than before that its future policy path is data-dependent amid heightened uncertainty,” economists at Berenberg wrote in a note to clients. – Reuters

It’s a SuperDads Weekend at SM this Father’s Day

Gift your dad a day to remember at your favorite mall

This Father’s Day, making super fun memories is made easier, safer, and more convenient at SM Supermalls. No matter what your SuperDad is like, your favorite SM mall has got you covered with an array of activities that will make his day all the more special.

Start the day with a mass

Our dads are definitely God’s gift to us. On this special weekend date with him, start the day by attending a mass organized by SM Supermalls. Don’t forget to say a little prayer for him!

Grab the nicest gift for him

Make Father’s Day even more rewarding by giving Dad the trendiest personalized gifts. Plus, you can save more and buy more because lots of SuperDad deals are up for grabs!

Spend the day with a feast

Famished after all the shopping and strolling? Turn a simple dining experience into a feast with SM Supermalls’ fab dining deals. From June 13 to 18, you can get your hands on exclusive deals and discounts, as well as dining rewards for dads so be sure to get all his fave Filipino food.

Furdads are also dads

Don’t be sad, SuperFurdads, because this day is also for you. Learn from the best at the special tricks and training classes with SM Supermalls’ featured dog whisperer. Plus, there will be a pet show competition in partnership with PCCI so suit up and make sure you and your pet look dashing.

This weekend deserves a cool ride!

Father’s Day at SM wouldn’t be complete without cool photo spots. Make sure to drop by your fave mall’s SuperDads Ride installations. From interactive retro-futuristic and arcade designs to astounding larger-than-life vintage cars and big bike set ups, delight your car enthusiast dad by giving him the gift of great photos.

Get ideas on where to go with your SuperDad on your #FYP

Scroll through TikTok from June 13 to 18 to check out the best SuperDad dining and shopping promos straight from SM Supermalls’ tenants.

Show how big your love is by taking him to the SuperDads Giant Collections

Pretty sure your SuperDad loves it big — big displays, big feasts, big toys, and even big love. So this weekend, show how big your love is by taking him to the SuperDads Giant Collection featuring collector dads with super-sized collection items.

Give your SuperDad an amazing weekend with these dad-approved activities. Cool deals, sumptuous dining promos, and rewarding treats and experiences await the King of your Home this June! Plan the best weekend treat for him at SM Supermalls.

For more information, visit www.smsupermalls.com. To get the latest updates, follow @smsupermalls on social media.

 


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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Remittance growth likely to slow

FREEPIK

REMITTANCE GROWTH is expected to ease in the Philippines amid expectations of a global slowdown and a downtrend in migration, the World Bank said.

“Remittance inflows to the Philippines, which account for about 48% of the total remittances to East Asia and the Pacific Islands, excluding China, are expected to grow by about 2.5% to reach $39 billion in 2023 and $40 billion in 2024,” it said in its latest Migration and Development brief.

The World Bank’s forecast is lower than the Bangko Sentral ng Pilipinas’ (BSP) projection of a 3% year-on-year growth in remittances for 2023.

In 2022, money sent home by overseas Filipino workers increased by 3.6% year on year to $32.54 billion, short of the BSP’s 4% forecast and slower than the 5.1% annual growth in 2021.

The World Bank said the Philippines’ remittance growth last year was due to recent bilateral arrangements with destination governments.

Remittance flows also benefited from the “lifting of the ban on emigration to Saudi Arabia due to the abusive treatment of workers, and specific deals forged by the Philippine government, especially in new Organisation for Economic Co-operation and Development (OECD) destinations.”

“The Philippines and Cambodia are distinct among the larger East Asian countries, with remittances amounting to more than 9% of gross domestic product,” it added.

The World Bank also noted that remittance fees in the Philippines were among the lowest in East Asia and the Pacific.

“The average cost of sending $200 to the region decreased to under 3% in the top five least expensive corridors, achieving the Sustainable Development Goal target in 2022,” it said.

“Between the fourth quarter of 2021 and the fourth quarter of 2022, the reduction in the cost of remitting to the Philippines was the greatest among the least expensive corridors,” it added.

The World Bank report showed that the Philippines was the fourth-largest recipient of remittances globally last year, ahead of Pakistan ($30 billion) but behind India ($111 billion), Mexico ($61 billion), and China ($51 billion).

Latest data from the BSP showed that cash remittances rose by 3% to $2.67 billion in March. This is the biggest monthly inflow recorded since the $2.76 billion in January.

For the first three months of the year, cash remittances rose by 3% to $8.002 billion, from $7.77 billion in the comparable period last year.

This was mainly driven by higher inflows from the United States, Singapore, Saudi Arabia, and the United Arab Emirates.

Meanwhile, the growth in remittance flows to low- and middle-income countries worldwide is also seen to moderate to 1.4% from 8% this year “due to slowing economic growth in major source countries.”

“Some of the weakness in remittances in the Philippines and Thailand is related to a slowdown in emigration triggered by the revival of tourism, which creates more job opportunities for workers at home, thus demotivating a search for jobs in foreign countries,” the multilateral lender said. — Luisa Maria Jacinta C. Jocson

ADVERTISEMENT
ADVERTISEMENT