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BPO sector surpasses revenue, employment targets set for 2022

THE business process outsourcing (BPO) industry has hit the employment and revenue growth targets it set for itself this year, the industry association said.

The IT and Business Process Association of the Philippines (IBPAP) said in a statement on Wednesday that it is ahead of schedule on its targets, having already exceeded the 2022 goals of 1.43 million full-time employees (FTEs) and $29.1 billion worth of revenues.

“The number of FTEs in the country increased by 120,000 in 2021, bringing the sector’s total headcount to 1.44 million and registering growth of 9.1% compared to 2020. The industry also recorded revenue of $29.49 billion in 2021 or a 10.6% jump from the previous year,” the IBPAP said.

“Not only did the 2021 figures exceed the forecasted growth for the year, but it also eclipsed the recalibrated 2022 targets of 1.43 million FTEs and $29.1 billion in revenue…The upsurge can be attributed to pent-up demand from global customers, higher confidence in work-from-home (WFH) setups by clients of contact centers and business process services, and growth in emerging sub-segments like e-commerce, financial technology, healthcare, and technology,” it added.

According to IBPAP President Jack Madrid, the industry’s performance in 2021 “marks a resurgence” for the industry.

“Preserving jobs, driving investment, stimulating countryside development, and creating demand for real estate — these are the unequivocal contributions of the industry,” Mr. Madrid said. 

Mr. Madrid added that more organizations involved in global business services are also integrating offshoring and outsourcing into their strategic initiatives to optimize costs across various countries.  

“This will spill over into 2022 and continue to boost demand for IT-BPM services across the world. We should not miss out on this opportunity to capture a bigger slice of the global market,” Mr. Madrid said.

According to the IBPAP, the industry needs to make the most out of the country’s growth potential and support its global competitiveness.

The association expects the integration of hybrid work models in business to be more prevalent, as companies leverage alternative locations and implement small-scale centers or microsites as part of their business continuity planning and ensure continued access to talent.  

“Supply chain resilience from a talent standpoint will be critical amid the intensifying talent war that’s exacerbated by higher attrition rates and growing requirements for emerging and niche skills such as automation, cloud, data and analytics, and cybersecurity,” the IBPAP said.

Separately, the IBPAP announced that it is set to publish the Philippine IT-BPM Industry Roadmap 2028 this year, which will lay out the industry’s priorities in digitization, talent retention, policy shaping, infrastructure, and country branding over the next six years.

It said the roadmap will list legislative goals such as achieving mainstream acceptance of hybrid work, following its broad adoption by competitors like India, Poland, and Malaysia.

“Although more recent efforts have been on facilitating a smoother transition back to the office through the extension of work-from-home (WFH) arrangements until Sept. 12, 2022, crucial work has been put into ensuring that the new administration understands why work-from-anywhere is essential to the country’s enduring competitiveness and readiness for higher global market share,” the IBPAP said. — Revin Mikhael D. Ochave

Duterte signs EO implementing coconut industry dev’t plan

PHILSTAR FILE PHOTO

PRESIDENT Rodrigo R. Duterte has signed an executive order (EO) that will implement the Coconut Farmers and Industry Development Plan (CFIDP).

The development plan sets the direction for national programs establishing community-based enterprises and providing social protections for coconut farmers, farm workers, and their families.

According to the EO, the government must “consolidate the benefits due to coconut farmers, especially the poor and marginalized, under various statutes, and expedite the delivery thereof, to attain increased incomes for coconut farmers, alleviate poverty, and achieve social equality.”

“The Philippine Coconut Authority (PCA) consulted concerned government agencies, coconut farmers, including their organizations, industry associations, civil society groups, the academe, and other stakeholders in the formulation of the plan,” according to the order, signed on June 2 and made public on June 8.

In a separate statement, the Department of Agriculture (DA) said that the approval of the plan represents the “next step” in the coconut industry’s rehabilitation, modernization, and industrialization.

“Overall, the CFIDP is expected to alleviate poverty and achieve the twin goals of rehabilitating and modernizing the coconut industry to attain social equity,” the DA said.

The EO sets in motion future disbursements to the Coconut Farmers and Industry Trust Fund. The fund consists of coconut levy assets, which were declared state property by the Supreme Court.

The trust fund will receive P75 billion over the next five years and will be distributed in accordance with the CFIDP. The initial allocation to the trust fund is set at P10 billion.

“After more than four decades of waiting, the law for the management and utilization of the coco levy fund that was enacted last year will now be finally implemented in fulfillment of Mr. Duterte’s campaign promise to our coconut farmers,” PCA Administrator Benjamin R. Madrigal, Jr. added. — Luisa Maria Jacinta C. Jocson

PHL, Israel sign investment promotion deal

REUTERS

THE PHILIPPINES and Israel signed an investment promotion and protection agreement (IPPA) on June 7, the Department of Trade and Industry (DTI)  said.

In a statement on Wednesday, the DTI said Trade Secretary Ramon M. Lopez and Israeli Finance Minister Avigdor Lieberman signed the IPPA in Jerusalem.

“The IPPA with Israel provides a key opportunity to tap into the industries of agro-tech, life sciences and healthcare, water technologies, high-technology and semiconductors, cybersecurity, financial technology, defense industry, smart transportation, clean technology, smart manufacturing, and the diamond industry,” the DTI said.

Philippine Ambassador to Israel Macairog S. Alberto said the deal sets the framework for a closer investment relationship between the two countries.

Mr. Lopez said: “The Philippines eyes Israel’s expertise on innovation, especially in new and smart technologies that will bring about more competitive and efficient products. On the other hand, Israeli investors expressed interest in investing in the infrastructure, agriculture and water, and business process outsourcing (BPO) sectors in the Philippines,” Mr. Lopez said.

According to the DTI, Israel is the Philippines’ 34th largest trading partner, 39th largest export market, and the 31st largest source of imports in 2020.  — Revin Mikhael D. Ochave

DoLE June 12 job fair to offer over 120,000 jobs

THE Department of Labor and Employment (DoLE) said that 999 employers will be offering over 120,000 positions at its job fair on June 12, Independence Day.

In an online briefing on Wednesday, DoLE’s Information and Publication Service Director IV Raul M. Francia said there will be 25 job fair sites nationwide, with the Philippine Arena in Bulacan set as the main venue.

“Even if you fail to apply for a job at the June 12 job fair, you can still check vacancies online, so we appeal to our job seekers to check our websites regularly,” Mr. Francia said.

DoLE said as of midday Wednesday, there be 95,476 local job openings and 27,509 openings overseas. The top five participating industries are manufacturing, business process outsourcing, the finance industry, and construction.

The Middle East topped the list of overseas destinations for jobseekers.

Mr. Francia added that vaccination for applicants will be available at the various job fair locations, though details have yet to be finalized.

Separately, the Philippines signed two labor cooperation agreements with Germany covering the deployment of Filipino professionals and skilled workers.

The DoLE said in a statement that the German Federal Employment Agency will assist in the recruitment, deployment, and employment of electrical mechanics, hotel receptionists, waiters, and plumbers from the Philippines.

Labor Secretary Silvestre H. Bello III and German Minister of Health Karl Lauterbach also signed a separate Memorandum of Understanding to step up the recruitment of Filipino healthcare professionals in coordination with private recruitment agencies.

DoLE said the agreement will open up work opportunities for biomedical scientists, physiotherapists, and other healthcare specializations.

In April, Mr. Bello said that since 2013, about 1,811 nurses were deployed to Germany under the Triple Win Program, a prior arrangement that aided the recruitment of Filipino nurses to Germany. — John Victor D. Ordoñez

DTI studying possible tax relief for basic commodity manufacturers

PHILSTAR FILE PHOTO

THE Department of Trade and Industry (DTI) said it is studying how to reduce expenses for manufacturers of basic necessities and prime commodities (BNPCs), including taxes, to help them hold the line on price as they experience pressure from higher raw material costs.

“We’re also looking at some taxes or maybe some charges that will be minimized, at least, on basic necessities and prime commodities (BNPCs) so that manufacturers will be able to keep the prices of these products low,” Trade Undersecretary Ruth B. Castelo said in a television interview on Wednesday.

“Manufacturers pay a lot of charges when they send the products to retailers, whether they are supermarkets or groceries or the distributors. These costs, maybe, we can look into minimizing or exempting, at least for BNPCs,” she added.

According to Ms. Castelo, the proposal allows manufacturers more breathing room as their bills for raw materials rise.

“If we are able to reduce that, manufacturers will… be able eventually to (keep retail prices steady),” Ms. Castelo said.

When contacted for comment by BusinessWorld after her television interview, Ms. Castelo gave no details of the taxes and charges the DTI may exempt manufacturers from.

“We actually discussed this with (incoming) Trade Secretary Alfredo E. Pascual initially, but the details will be (determined) later on,” she added.

The DTI has said that it has formally received price increase requests from three manufacturers making canned goods, bread, and detergent bars.

Ms. Castelo said that the DTI is still studying the price hike proposals, adding that it takes four to six weeks to evaluate them.

“We wait for week-on-week and month-on-month data so we will have an accurate view of what’s really happening on the prices of raw materials,” Ms. Castelo said.

On May 11, the DTI issued its latest suggested retail price (SRP) list, which raised prices on 82 BNPCs, while prices of 136 BNPCs were held steady from the levels set in the SRP bulletin released on Jan. 27.  — Revin Mikhael D. Ochave 

Issues with retroactive PhilHealth premium rate adjustment

In 2019, Republic Act No. 11223, or the Universal Health Care (UHC) Act, was signed into law, with the aim of protecting and promoting the right to health of all Filipinos, and instilling health consciousness among them. This landmark legislation seeks to progressively realize universal healthcare through a systematic approach and by clearly delineating the roles of key agencies and stakeholders to ensure that all Filipinos get equitable access to quality and affordable healthcare services, and that they are protected against any financial risk. Every Filipino gets immediate eligibility and access to preventive, promotive, curative, rehabilitative, and palliative care for medical, dental, mental, and emergency health services, delivered either as population-based or individual-based health services. The UHC policy entails substantial investment, depending on available funds for the program’s maintenance; hence, the government must ensure that it has sufficient funding to provide everyone medical benefits regardless of whether or not the membership is contributory.

Under the UHC Act, the premium contributions are to be increased yearly, starting in 2020 at 3%, followed by 3.5% in 2021, 4% in 2022, 4.5% in 2023, until it hits a 5% maximum rate by 2024 to 2025.  It may be recalled that PhilHealth postponed the premium hike last year from 3% to 3.5%, effective for an interim period, unless Congress passes a new law allowing further deferment.

After last year’s deferment, the Philippine Health Insurance Corporation (PhilHealth) announced the implementation of the scheduled premium contribution for all direct contributors beginning 2022. As prescribed in Section 10 of the UHC Act and by PhilHealth Circular No. 2020-0005 on the Premium Contribution Schedule in the National Health Insurance Program (Revision 1), the premium rate for CY 2022 is 4% for all Direct Contributors with an income floor of P10,000 and income ceiling of P80,000 effective January 2022.

Based on PhilHealth Circular No. 2020-0005, the basis for the contributions shall be the Monthly Basic Pay (MBS) or the fixed basic rate of an employee, which excludes sales commissions, overtime pay, allowances, 13th month pay, bonuses, or other gratuity payments. Furthermore, deductions from the employee’s wages, arising from undertime, tardiness, leave without pay, absences, or other similar circumstances, are also excluded from the computation. For monthly-paid and daily-paid employees, their MBS is to be computed based on the estimated Equivalent Monthly Rate (EMR) formula posted in the latest edition of the Department of Labor and Employment (DoLE)-Bureau of Working Condition’s Handbook on Worker’s Statutory Monetary Benefits.

Under the recent PhilHealth Advisory (2022-0010), the adjusted premium contribution rate of 4% took effect in January this year for employers and self-paying members. It takes effect in the Electronic Premium Reporting System (EPRS) and PhilHealth Member Portal (PMP) starting June 2022.

RETROACTIVE ADJUSTMENT
For January to May 2022, members and employers who have already paid their contributions are further advised to generate the corresponding Statement of Premium Account (SPA) for the paid periods to allow them to settle the 1% differential payments or remittances until Dec. 31. Since the payrolls for these periods had already been disbursed to the employees, the 1% differential payments or remittances can only be deducted prospectively in the coming payroll periods.

Employers will have to contend with additional administrative work in handling the amortization of the 1% differential payments or remittances from their employees’ payroll until these are fully paid within the timeframe prescribed by PhilHealth. To manage the employees’ expectations of their cash flows, the employers may offer a staggered deduction of the 1% differential payments or remittances for the remaining period of the calendar year, which is July to December 2022, instead of a lump sum deduction.

TAX IMPLICATION
Since PhilHealth premiums are statutory contributions classified as “Non-Taxable/Exempt Compensation Income,” the additional remittances deducted from the salary will reduce the employees’ taxable income and the withholding tax on compensation. Once the changes in the premium contributions have been implemented in the payroll systems, employers should check whether the calculated withholding taxes are correctly captured during their regular payroll processing.

But what about the period from January to May 2022, when payroll processing had been completed, and net pay had already been disbursed to employees? To correctly calculate the employees’ total tax due for the year and the amount of the tax to be withheld from the payroll at year-end, the employers have the option to include the employees’ share in the 1% differential payments or remittances in the current payroll process, where it will be deducted, or include the aggregate 1% differential payments as a year-end adjustment. Monitoring the additional premium contribution for payroll purposes and capturing the correct tax due and tax still due at year-end can be challenging, but the employers are obliged to conduct such additional administrative activities for payroll tax compliance purposes.

SEPARATED EMPLOYEES
The adjustment for the 1% differential payments or remittances seems to be straightforward and clearer in the case of active employees than for separated or resigned employees, where gray areas need clarification. If the adjustment in premium rate applies retroactively to January 2022, are former employers required to shoulder the 1% differential in remittances for separated employees? Do employers remit only their share of the remittance, or must they also remit the share of the separated employees? As of this writing, PhilHealth is expected to issue further guidance to address these matters.

While some direct contributors may not welcome the increase in PhilHealth premium contributions at this time of rising fuel and commodity prices, the policy objective of the UHC Act should give PhilHealth members the consolation of staying committed to the program. The ultimate goal is for every Filipino to enjoy universal health coverage — an achievable end through a robust and sustainable fund. As author, Rhonda Byrne said, “By all means ask for abundance and health for you, but also ask for it to be given to everyone.”

The views or opinions presented in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

 

Marvin L. Madrigalejo senior manager at the Client Accounting Services Department of Isla Lipana & Co., the Philippine member firm of PwC network.

marvin.l.madrigalejo@pwc.com

Marcos Jr. to attend APEC summit in Thailand 

PHILIPPINE STAR/KRIZ JOHN ROSALES

By Kyle Aristophere T. Atienza, Reporter

PRESIDENT-ELECT Ferdinand R. Marcos, Jr. will attend the Asia-Pacific Economic Cooperation (APEC) summit in Thailand in November, his first international meeting as Philippine president, his office said on Wednesday.

Thai Chargé d’Affaires Thawat Sumitmor personally invited Mr. Marcos to this year’s APEC summit, which will be held from Nov. 18 to 19, it said in a statement. Thailand is heading the regional forum this year.

This is the first time since 2018 that the summit will be held physically after a global coronavirus pandemic forced lockdowns and kept people at home.

The planned summit in Chile in 2019 was canceled due to protests, while the last two editions were held virtually.

This year’s summit will focus on post-pandemic recovery, particularly on the resumption of safe and seamless cross-border travel and the revival of tourism and the service sector. It will also tackle business mobility and investments in health security.

   The gathering will also focus on charting ways to advance regional economic integration by leveraging digitalization and innovation “while continuing to support a rule-based multilateral trading system with the World Trade Organization,” APEC said on its website.

The summit, a regional forum established in the 1980s to forge free trade pacts and other liberal economic policies among Asia-Pacific leaders, is held yearly and attended by representatives from 21 member-countries, including the US and China, which account for more than half of the world’s economic output.

Mr. Marcos earlier said the Philippines under his administration would join a US-backed economic framework for the Indo-Pacific that Washington crafted to counter China’s growing influence in the region.

Experts have said it remains to be seen whether Mr. Marcos would pursue closer ties with China since the US has elevated efforts to take its alliance with the Philippines to the next level.

Mr. Marcos is expected to meet with US Deputy Secretary of State Wendy Sherman this week. He will be joined by outgoing and incoming Philippine officials.

His predecessor, outgoing President Rodrigo R. Duterte, led a foreign policy pivot to China when he took office in 2016.

He has been accused of gambling Philippine territories to appease China, from which he got about P1.2 trillion in investment and loan pledges to boost big-ticket infrastructure projects. Critics said few have materialized.

Hansley A. Juliano, a former political science professor studying at Nagoya University’s Graduate School of International Development in Japan, said China would likely ensure that the Philippines is under its influence to keep Europe and America’s influence over the  Association of Southeast Asian Nations at bay.

“China is already documented to have links with the Marcos campaign,” he said in a Facebook Messenger chat. “It is likely to solidify its influence and control over our contested territories. Perhaps, it’s also meant to further keep ASEAN under their economic influence away from the US and Europe.”

ASEAN’s liberalization measures influence the development of APEC in several ways, Julius Caesar Parreñas, senior advisor at Daiwa Institute of Research, said in a journal.

   “Through its expansion and the unilateral liberalization measures that have followed regional liberalization efforts, ASEAN is helping realize the enlargement of the market where APEC hopes to see freer and more open trade and investment policies,” he said.

“ASEAN can play a more aggressive role in challenging other APEC economies to more quickly knock down remaining barriers to cross-border trade and investment flows.”

The Philippine Senate recently failed to ratify a trade agreement involving Australia, China, Japan, South Korea, New Zealand, and the 10 members of ASEAN.

Mr. Marcos, 64, earlier said he would ensure the trade deal, also known as the Regional Comprehensive Economic Partnership (RCEP), would not hurt local industries. 

The former senator said he wants an assessment of the country’s competitiveness first before pushing for the ratification of the free trade deal.

“Let’s review it to see what will be the effect,” he said in a recent statement. “Let’s study it carefully.”

Aside from the Philippines, only two other countries have not yet ratified the RCEP — Indonesia and Myanmar.

Meanwhile,Mr. Marcos and Vice president-elect Sara Duterte-Carpio joined a virtual gathering on Wednesday to commemorate the Philippines-China friendship day.

“The centuries-old relationship and friendship of the Philippines and China has been and will continue to be of great mutual benefit to our people,” Mr. Marcos said in a taped message.

The incoming president acknowledged China’s “generous efforts” in helping the Philippines during the pandemic. “The cooperative partnership of our nations continues to reach new heights.”

Half of Pacquiao’s campaign expense out of his pocket

MANNY PACQUIAO OFFICIAL FACEBOOK PAGE

ALMOST half of Senator Emmanuel D. Pacquiao, Sr.’s P119.13-million election spending came from contributions from various sources, according to an expense statement submitted on Wednesday.

The boxing champion spent only P62.68 million from his own pocket, based on his statement of contributions and expenditures submitted to the Commission on Elections (Comelec).

The senator did not receive any contributions from his political party, the Progressive Movement for the Devolution of Initiatives or Probinsya Muna Development Initiative.

Mr. Pacquiao, whose term as senator will end on June 30, placed third in this year’s presidential race with more than 3.6 million votes.

Meanwhile, Vice-President-elect Sara Duterte-Carpio declared P216.19 million worth of expenses for her campaign, none of which came from her own pocket.

The expenses of the presidential daughter, who beat eight contenders in the 2022 elections, were below the P674-million cap for vice presidential candidates.

She got the highest number of votes for any candidate in Philippine history at 32.2 million.

Ms. Carpio got P136.6 million of in-kind donations from her political party and P79.5 million of in-kind contributions from other sources. She did not receive cash donations, according to her expense paper.

President-elect Ferdinand R. Marcos, Jr. earlier said he did not spend his own money for his campaign, having received more than P600 million in contributions from various sources, according his expense statement submitted on Tuesday.

He spent P623 million of the P624.68 million campaign contributions, according to his statement of contributions and expenditures filed with Comelec.

Mr. Marcos will pay income tax on the unspent balance, Drixel Jann S. Dabatos, a member of Mr. Marcos’ legal team, told reporters.

Mr. Marcos got cash contributions from “other sources” worth P373.25 million and in-kind contributions worth P4.2 million. He also received P247.234 million in in-kind donations from his political party. — Alyssa Nicole O. Tan and Kyle Aristophere T. Atienza

Comelec names acting chairperson after CA bypass

PHILSTAR FILE PHOTO

THE COMMISSION on Elections (Comelec) has named its acting chief after lawmakers last week bypassed the appointment of its chairman by President Rodrigo R. Duterte.

Election Commissioner Socorro B. Inting would serve as the acting chairperson, Comelec Director Frances A. Arabe told reporters in a Viber message on Wednesday.

The Commission on Appointments (CA) bypassed the appointment of former Comelec Chairman Saidamen B. Pangarungan and Election Commissioners George Erwin M. Garcia, and Aimee S. Torrefranca-Neri in the absence of a quorum.

Lawmakers said incoming President Ferdinand R. Marcos, Jr. should be the one to appoint the new heads of constitutional commissions and other government bodies, not Mr. Duterte.

Ms. Inting served as election body chief from February to March after three commissioners and its chairman retired.

She was a member of the Second Division, which favored President-elect Ferdinand R. Marcos, Jr. in a lawsuit seeking to bar his presidential run.

Before her stint at Comelec, she was an appellate court justice for nine years. She was also the head of the Comelec gun ban committee.

Comelec has six members and one chairman. Its two divisions have three members each. Decisions issued by the two divisions are eventually appealed to the seven-member en banc. Comelec is now left with four commissioners until President-elect Ferdinand “Bongbong” R. Marcos Jr. appoints replacements. — J.V.D. Ordoñez

Filipino fishermen get P6M in damages from Chinese boat

PHOTO FROM GOOGLE MAP

FILIPINO fishermen whose boat was rammed by a Chinese fishing boat in 2019 have received P6 million in damages, according to the Philippine Justice department.

The 22 fishermen got the payment on May 16, which they will divide among themselves Justice Undersecretary Adrian Ferdinand S. Sugay told reporters in a Viber message on Wednesday.

Last year, the Philippines demanded P12 million in compensation to cover the boat’s repairs, the fishermen’s lost income for six months and moral damages.

The Chinese vessel sank the Philippine boat, which came from Occidental Mindoro, in a June 2019 collision near Reed Bank in the South China Sea, leaving the 22 Filipino fishermen at sea. A Vietnamese fishing boat later rescued them.

The Philippine Defense department had said the collision was not accidental and appeared deliberate.

President Rodrigo R. Duterte had dismissed the collision as a “little maritime accident” and rejected the pleas of Filipino fishermen demanding a firmer stance to protect their rights in the disputed waterway.

China claims sovereignty over more than 80% of the South China Sea, one of the world’s busiest trade routes. It has occupied and built artificial islands on the disputed reefs complete with runways and military installations, alarming the US and its allies.

A United Nations-backed tribunal in 2016 voided China’s claim to the sea based on so-called nine-dash line map. — J.V.D. Ordoñez

‘Fire with fire’: Boston Celtics look to ratchet up physicality

THE Celtics will look to impose their will on the Golden State Warriors when the teams face off in Boston for Game Three of what has been a bruising National Basketball Association (NBA) Finals.

Game One went to the Celtics after they used their superior size to stage a furious fourth quarter comeback before the Warriors and forward Draymond Green countered with more physical play of their own in a Game Two blowout that leveled the series.

“You respond to fire with fire, right?” Celtics guard Marcus Smart told reporters in Boston on Tuesday.

“We’ve just got to turn around and do the same thing. If he’s going to come in here and try to be physical, this is our house and we’ve got to protect it.”

Smart, who won this year’s Defensive Player of the Year Award, said he expected a slugfest on Wednesday.

“You get hit in the mouth like that, there’s only one way to respond, and if you’re not really ready to do that, then you don’t need to be on this stage,” he said.

“This is a stage where we’ve got to be willing to risk it all out there for your team and for the victory.”

Warriors coach Steve Kerr said his squad would be prepared for a physical contest at TD Garden.

“I would expect tomorrow to be really competitive right from the start,” Kerr said. “We know they’re going to bring a level of physicality that we brought last game. We’ve got to be prepared for that. I think it should be a great game.”

Green said he had no intention of letting up after his play at times resembled that of an NFL lineman in Game Two.

The versatile heart of the team’s defense stuffed the stat sheet with nine points, five rebounds and seven assists to go along with his fourth technical foul of the postseason.

“I wouldn’t be able to live with myself if I’m going on about my summer and we lost the NBA Finals because we couldn’t meet force with force,” Green said.

“That is my department. That’s where I’m supposed to lead, and I can’t let my guys down.” — Reuters

PSG’s Mbappé is world’s most valuable player, study shows

PARIS Saint-Germain (PSG) forward Kylian Mbappé is the most valuable soccer player in the world, according to Swiss research group CIES Football Observatory, followed by Real Madrid’s Vinícius, Jr. and new Manchester City recruit Erling Haaland.

Mbappé, who turned down Real and signed a new three-year deal at PSG last month, topped the list with an estimated transfer value of €205.6 million ($219.5 million), beating Vinícius (€185.3 million) and Haaland (€152.6 million).

Mbappé’s PSG teammate Neymar holds the current transfer record. The French champions paid Barcelona €222 million for his signature in 2017.

The top five was rounded off by Barca youngster Pedri (€135.1 million) and Borussia Dortmund’s English midfielder Jude Bellingham (€133.7 million).

The CIES Football Observatory uses such indicators as player age, performance, career progression and contract duration to arrive at a transfer value.

The latest list was dominated by Premier League players, with 41 representatives in the top 100.

City’s Ruben Dias (€109.6 million) had the highest transfer value for a defender while PSG’s Gianluigi Donnarumma (€73.7 million) led among goalkeepers.

City playmaker Kevin De Bruyne, 30, was the oldest player on the list, with a value of €57.3 million. — Reuters

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