Quizon wants another chance to win gold in SEA Games

December 30, 2021 | 12:02 am

daniel-quizon-ncfp-fb — DANIEL QUIZON — BW FILE PHOTO

REIGNING national chess champion Daniel Quizon has an unfinished business in the Southeast Asian Games.

If given a choice, the 17-year-old Mr. Quizon bested all comers to rule the National Championship set in Mactan, Cebu two weeks ago to earn a spot to the national team waging war in the Hanoi SEA Games in May next year.

There will be 10 golds in at least two events — rapid and blitz — initially listed in the Hanoi calendar and Quizon wants a share of it.

“I want to play in the blitz event,” said the Dasmariñas City native.

Mr. Quizon’s insistence was rooted to his heartbreaking experience in the 2019 SEA Games in Subic where he came a win away from snatching the blitz gold.

Mr. Quizon was at joint first with Indonesian Grandmaster Susanto Megaranto going into the seventh and final round and even caught a big fish in former world blitz champion Le Quang Liem of Vietnam along the way.

But as fate would have it, Mr. Quizon, then just an inexperienced 15-year-old, had a breakdown and blundered right in the opening, allowing Mr. Megaranto to cop the gold while sending the former back home without a single medal.

Now Mr. Quizon wants redemption.

“I hope to be given another chance at winning the gold in the SEA Games,” said Quizon, who is seeking to become a GM next year. — Joey Villar

What are you doing New Year’s Eve (and New Year’s Day)?

December 30, 2021 | 12:02 am

AS 2021 comes to a close, there are a lot of things to be grateful for and more reasons to celebrate as another year rings in. Here are some of the ways to welcome 2022.

FIREWORKS AT BGC
To welcome 2022, Taguig City and Bonifacio Global City (BGC) invite the public to view the City Government of Taguig’s drone and fireworks display that can be seen all throughout the estate. This will be complemented by the community’s twinkling lights and variety of al fresco dining options.

On Dec. 31, there will be simultaneous fireworks display in the following locations: 5^th Avenue, Bonifacio High Street (Drone Display at 11:55 p.m.); the Uptown Parade Steel Carpark; and the Market Market Open Carpark.

TAIWAN BROADCASTS FIREWORKS SHOW
Taiwan is once again providing its annual free live broadcast of the Taipei 101 New Year countdown fireworks display. The broadcast will begin precisely at 11:55 p.m. on Dec. 31. This year’s show will feature a 360-second performance using 16,000 fireworks, with the theme “Towards a better future.” It is hoped that the display could heal people’s hearts around the world as they look forward to a better and a merry 2022.

After the fireworks displays, the video will be uploaded to MOFA’s “Trending Taiwan” YouTube Channel: https://www.youtube.com/channel/UC4yFGrMYnnRusraegYMIauw

RWM’S COUNTDOWN CONCERT
Resorts World Manila’s (RWM) Grand Fiesta Manila is making a lot of noise to count down to the new year. It is bringing together two of the country’s leading rock acts, Aegis and The Dawn, for a back-to-back The Grand Countdown to 2022 concert to close out the year with a bang for a live audience at the Newport Performing Arts Theater (NPAT) on Dec. 31 starting at 8 p.m.

The concert will be hosted by Nicole Laurel Asensio, and big surprises await lucky spectators.

Tickets to the Grand Countdown to 2022 are now available from Bronze to SSVIP for P2,659 to P13,615. For inquiries contact Girah Manaligod (0917-872-8309), Neil Crisostomo (0917-658-9378), or King Feria (0917-823-9602). Stream the show at home live on pay per view at KTX.ph on Dec. 31 at 8 p.m. for P888 per access. For more information on The Grand Countdown to 2022 and Grand Fiesta Manila visit www.rwmanila.com.

DINE AT THE DIAMOND HOTEL
Greet the New Year at Diamond Hotel with sparkling offers for Dec. 31. A buffet spread awaits guests at Corniche where they can indulge in the New Year’s Eve dinner for P3,880 net per person which includes a glass of champagne, party favors, and live DJ entertainment for the countdown. Yurakuen features a Japanese set dinner feast to usher in the New Year which includes a glass of champagne and solo violinist for entertainment. The set menu for a group of four persons is P8,380 net, while a group of six persons can dine for P11,280 net. Guests can also celebrate at the Lobby Lounge with access to the Corniche New Year’s Countdown and Dinner Buffet for P3,880 net per person which includes a glass of champagne. The end of the year celebration will not be complete without the New Year’s Countdown at Bar 27 with a live DJ. Have fun all night at P1,380 nett per person consumable.

For queries and reservations, call Diamond Hotel at (632) 8528-3000 ext. 1121. Diamond Hotel Philippines is located at Roxas Blvd. corner Dr. J. Quintos St., Manila.

NEW YEAR COUNTDOWN PARTIES
Hotels at Resorts World Manila are offering a variety of festive hotel dining options and New Year’s Eve countdown parties.

Dance the night away over at the Marriott Hotel Manila with their Countdown to 2022 for P7,388 net per pax, where guests can indulge in live entertainment and a New Year buffet featuring fresh seafood on ice, roasted pig, US Prime ribeye, desserts, and a wine selection. The guest-favorite Cru Steakhouse also offers a special New Year Set Menu for P6,022 net per person that highlights US Angus beef tenderloin, Atlantic Salmon Terzetto, Roasted oxtail consomme, and The Peach Dessert.

Sheraton Manila will have a New Year’s Eve Gala Night at ColLab for P4,500++ per pax, inclusive of wine cocktails, a festive buffet, a raffle draw, and live performances from Jo and the Holy Notes. Guests can also opt for a fine dining experience at the Vubble in Vega Pool with Vubble Pop 2022, available for P10,000+++ per person. The package also includes complimentary entrance to the New Year’s Eve gala at ColLab. Meanwhile, New Year’s Eve Dinner by the Balcony is perfect for welcoming 2022 in private with a view of the Vega Pool festivities. For P18,888+++ for two guests, this package is inclusive of an overnight stay at Sheraton Deluxe Room with Balcony View, breakfast buffet at S Kitchen, a New Year’s Eve mini cake with sparkler, and an intimate four-course dinner at the balcony.

Head over to the Vega Pool at Hilton Manila and rock the year away with a dazzling light show, live entertainment, and interactive game and activity booths perfect for the family, all paired with a selection of gourmet favorites and cocktail mixes. Guests can choose from the hotel’s New Year’s Eve packages starting with Blast from the Past Poolside Countdown at P2,500++ per pax, inclusive of three beverages, P500 worth of dining credits, and party favors. The Poolside Dinner Buffet is also available at P3,500++ per person, which includes a festive dinner buffet featuring live tuna carving and lechon, one beverage, and party favors. For a more intimate and personalized experience, guests can book the Vubble Pod for P25,000++ for two pax. This package includes an overnight stay in a Hilton Guestroom with pool view with breakfast, butler and gueridon service, premium beverages, a five-course dinner at the Vubble, and free use of bluetooth speakers and Polaroid film camera.

All the hotel packages are available on Dec. 31. To know more about these offers, visit RWM hotels Facebook pages at @HiltonManila, @sheratonmanila, @manilamarriott. Visit www.rwmanila.com for details on other Grand Fiesta Manila 2021 offers.

AYALA MALLS WELCOME THE NEW YEAR WITH SALES
Ayala Malls will ring in 2022 with a slew of activities, offers and sales.

From Jan. 1-16, shoppers can avail of discounts and deals at mall-wide sales across all Ayala Malls nationwide. In addition, promos await shoppers courtesy of Ayala Malls and their partners, Zing, Citibank, GrabCar, and foodpanda.

Shoppers at all Ayala Malls nationwide will enjoy discounts of up to 70% at stores ranging from homegrown brands like Kamiseta, Bayo, and Plains and Prints to international labels such as Uniqlo, H&M, Zara, Pandora, and many more. Fitness, outdoors, and travel enthusiasts can get deals from North Face, Travel Club, Olympic Village, and GNC; while also finding the accessories to match their adventures at Restoerun, Dr. Marten’s, and Sunglass Haven among many.

In addition, for every P1,000 single or accumulated spend with their Citi credit card at Alabang Town Center, Glorietta, and Greenbelt from Jan. 1-31, shoppers get a chance to win a three day/two night holiday stay at El Nido Resorts Lagen Island, El Nido, Palawan.

Meanwhile, GrabCar users can avail of P50-off on rides to and from Ayala Malls by using the code, AyalaVacforGood, with a minimum fare of P200. This code can be used for a maximum of two times per user in select Ayala Malls on weekdays from 10 a.m. to 4 p.m. until Feb. 28.

Customers are now welcome to set their orders ahead of time through foodpanda, which they can enjoy at Ayala Malls’ al fresco patio areas or at home. App users can also input the promo code, AyalaMalls100, to avail P100-off on pick up at DriveBuy areas and delivery orders. The limited-time promo can be used on top of other foodpanda discounts along with a minimum spend of P399 at select Ayala Malls until Jan. 31.

Run until Jan. 15, Zing Plus app users can upgrade their account type to avail of free parking vouchers and redeemable Zing Points. Shoppers who link their GCash with their Zing accounts will earn 100 Zing Points upon first spend (minimum of ₱500) until Jan. 31. Plus, Zing users who shop with Visa can Earn 500 Zing Points for a minimum spend of ₱3,000 and earn up to 4X Zing Bonus Points until Feb. 15.

SHOPEE HOLDS 1.1 NEW YEAR SALE
Shopee starts 2022 with its first sale of the year, the 1.1 New Year Sale. Shoppers can enjoy a wide selection of products and promos such as ₱1 Deals, free shipping with no minimum spend, and 11% off vouchers.

Leading up to Jan. 1, there is a Payday Sale on Dec. 30, and Countdown Sale on Dec. 31.

Shopee visitors can also play Shopee Throw, a new game where they can earn points and redeem prizes by throwing sparklers at a rotating turntable. There is also a new Fortune Forecast as well with a chance to win a new Caffino Espresso Machine.

For details on Shopee’s 1.1 New Year Sale visit https://shopee.ph/m/1-1-sale.

Insurance brokers see more than P70 billion in premiums

December 30, 2021 | 12:02 am

INSURANCE brokers generated a total of P73.61 billion in premiums in 2020, earning P8.07 billion in commissions.

Aon Insurance and Reinsurance Brokers Philippines, Inc. topped the list with premiums reaching P13.48 billion that year, followed by Marsh Philippines, Inc., BDO Insurance Brokers, Inc. and Lockton Philippines Insurance and Reinsurance Brokers, Inc.

BDO Insurance earned the most in commissions with P1.5 billion, followed by Aon Insurance, Marsh Philippines, and Lockton Philippines.

“In terms of product line, insurance brokers generated the most premiums in fire insurance, amounting to P22.14 billion as of year-end 2020,” Insurance Commissioner Dennis B. Funa said in a press release on Wednesday.

“This is followed by the health insurance and life insurance lines, amounting to P17.29 billion and P9.48 billion, respectively.”

Insurance brokers earned the most commissions in fire insurance and health insurance.

Meanwhile, reinsurance brokers generated P2.19 billion in premiums and P157 million in commissions in 2020.

Among them, PhilPacific Insurance Brokers and Managers, Inc. ranked first in premiums produced with P732.65 million, while also earning the most in commissions with P52.36 million.

Alsons Insurance Brokers Corp. came in second in premium production, while KRM Reinsurance Brokers Philippines, Inc. ranked second in commissions.

“Reinsurance brokers generated the most reinsurance premiums in 2020 in the fire insurance line, with P1.41 billion; in the engineering line, in the aggregate amount of P286.96 million, and in the marine hull line, with P142.96 million,” Mr. Funa said.

“In terms of commissions earned as of year-end 2020, reinsurance brokers earned the most commissions in the fire insurance line, with P87.98 million in earnings.” — Jenina P. Ibañez

Waymo and Geely brand Zeekr team up to develop driverless taxis

December 30, 2021 | 12:01 am

CHINA’s Geely Holding said its premium electric mobility brand, Zeekr, will make electric vehicles for Waymo, Alphabet, Inc.’s self-driving unit, to be deployed as fully autonomous ride-hailing vehicles across the United States.

The vehicles will be designed and developed at Zeekr’s facility in Sweden, and later integrated with Waymo’s self-driving technology, Geely said on Tuesday.

Waymo said it would introduce the vehicles to US roads “in the years to come.”

Concept images Waymo published on Tuesday show a roomy, low-to-the-ground minivan with seating for about five riders and sliding doors on each side serving as the lone entryways.

Waymo is the first and only fully driverless taxi service in the United States. It has driven thousands of people since launching the service a year ago in Phoenix.

The partnership with Zeekr will help Waymo expand its driverless ride-hailing service in the face of increased competition, and also create inroads for Chinese brand Geely into the US market. — Reuters

PRA looking for new rowing hero, opens Lake Caliraya training center

December 30, 2021 | 12:01 am

THE PHILIPPINE Rowing Association has started its search for someone who could follow in the footsteps of Melcah Jen Caballero, a 2019 Southeast Asian Games double gold medalist who retired early this month.

“We need new heroes with the retirement of Melcah Caballero,” Philippine Rowing Association (PRA) president Patrick Gregorio yesterday told The STAR.

Ms. Caballero’s shoes will be hard to fill having accounted for two of three mints the country snared in the last staging of the biennial meet in Subic with wins in the women’s lightweight single sculls and lightweight double sculls with Joanie Delgaco.

Mr. Gregorio believes though that nothing is impossible.

“A journey begins with a single step and one of the first steps we’re taking is opening the Lake Caliraya rowing training center with the Manila Boat Club,” said Mr. Gregorio, who thanked former PRA president Quintin Pastrana for spearheading the project.

With Ms. Caballero, who had focused on her Naval career, out, Tokyo Olympian Cris Nievarez is expected to lead the national team targeting a couple of golds in the Hanoi SEA Games in May next year.

“The target is to bring home two golds in Hanoi,” said Mr. Gregorio.

The Nievarez-led rowers are also eyeing to do well in the Hangzhou Asian Games in September next year.

“We’re preparing for participation in the Asian Games too,” said Mr. Gregorio. — Joey Villar

AirAsia to complete RM974.5-M rights issue

December 30, 2021 | 12:01 am

AIRASIA GROUP Berhad (AAGB) announced that it is set to complete its renounceable rights issue to its existing shareholders on Dec. 31 in a bid to support its fundraising efforts.

AAGB said in a statement on Wednesday that the renounceable rights issue to its existing shareholders, upon listing of the redeemable convertible unsecured Islamic debt securities (RCUIDS) and warrants on the Bursa Malaysia’s main market, is raising Malaysian Ringgit (RM) 974.5 million.

According to AAGB, the rights issue involved the issuance of seven-year RCUIDS with a nominal value of RM0.75 apiece, plus free detachable warrants, on the basis of 2 RCUIDS with 1 warrant for every 6 company shares.

“The rights issue will enable AAGB to support various segments of the group, including but not limited to, working capital and other operational costs incurred due to the outbreak of the global coronavirus disease 2019 (COVID-19) pandemic and costs required to ramp-up operations to be prepared for the rebound of international travel, balanced with funding growth of the various AirAsia digital business unit,” it said.

AirAsia Group Chief Executive Officer Anthony Francis “Tony” Fernandes said the rights issue is a vital component of the company’s overall fundraising strategy supporting a strong rebound in air travel across ASEAN in 2022.

“We are gradually resuming flights in all of our key markets and look forward to returning to pre-COVID levels on many of our popular routes in the new year alongside strong vaccination rates, better testing procedures and education in all of our markets,” Mr. Fernandes said.

“Importantly, with today’s announcement, our fundraising strategy remains firmly on track. We have now achieved over RM2.5 billion of fundraising, providing strong liquidity to ramp up operations through next year when we expect to be sustainable and driving shareholder value once again,” he added.

Meanwhile, AirAsia Philippines said it had vaccinated 20% of its employees with the booster shot as part of the company’s vaccination campaign against COVID-19.

The carrier said in a separate statement on Wednesday that its efforts to strengthen the administration of booster shots is in line with the country’s intensified program as it seeks to maintain its low-risk status notwithstanding the threat from any emerging COVID-19 variant.

AirAsia Philippines said it saw a 15-20% increase in bookings for near-term travel within the past 30 to 60 days.

“Load factor for the month of December was registered at 91% while January is currently at 45%,” it said.

AirAsia Philippines Spokesperson Steve F. Dailisan said the company is already seeing an influx of passengers from Metro Manila to the different provinces across the country.

“For this reason, our ground and flight crew remain on standby to provide the very best service and guest experience including a focus on making sure that all our flights arrive on time,” Mr. Dailisan said.

“Taking the booster shot is our shared responsibility to ensure that all guest-interactions at the airport and onboard our flights have an added layer of protection against any emerging variant. We will continue to strengthen our multi-layered approaches to health and safety, and instill confidence amongst our guests throughout the peak end of year holiday season and into 2022,” he added. — Revin Mikhael D. Ochave

Entertainment News (12/30/21)

December 30, 2021 | 12:01 am

about-hero-1400x1451 — Paris Hilton — PARISHILTON.COM

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Paris Hilton launches metaverse business on Roblox

PARIS Hilton commands as much as $1 million a night working as a celebrity DJ, entertaining partiers at clubs in China, Dubai, and on the Spanish vacation island of Ibiza.

This New Year’s Eve, she will be playing an electronic set for the revelers who drop by a venue of a different sort — her virtual island on Roblox.

Ms. Hilton created an island in the online virtual world, dubbed Paris World, where visitors can explore digital replicas of her Beverly Hills estate and its dog mansion, stroll a boardwalk inspired by the neon carnival wedding celebration she and husband Carter Reum hosted earlier this year at the Santa Monica Pier in California, and explore the island in a luxury sports car or Sunray yacht.

Like other virtual hangouts, Paris World will collect small payments for purchasing virtual clothing or booking a ride on a jet-ski.

“For me, the metaverse is somewhere that you can do everything you can do in real life in the digital world,” said Ms. Hilton, who worked to create aspects of her globe-trotting life for fans. “Not everybody gets to experience that, so that’s what we’ve been working together on over the past year — giving them all my inspirations of what I want in that world.”

Ms. Hilton, 40, joins a clutch of celebrities and brands rushing to embrace the metaverse, a broad term referring to a persistent virtual world. Facebook’s Mark Zuckerberg popularized the term this year he renamed the company to Meta to emphasize the metaverse’s central role to the company’s future.

Brands such as Tommy Hilfiger launched a line of digital ready-to-wear fashion for Roblox avatars. Nike opened a virtual world called Nikeland in November, where visitors can play dodgeball with friends, lace on a pair of virtual Air Force 1 sneakers and win medals. Rappers Lil Nas X and Travis Scott have also held concerts last year for millions of virtual concertgoers.

For the socialite and reality TV-star turned entrepreneur, Paris World is the latest venture launched by her new media company, 11:11 Media. She and veteran media executive Bruce Gersh aim to capitalize on the burgeoning creator economy, in which celebrities like Los Angeles Lakers’ LeBron James leverage their influence to produce films, television shows, and podcasts, brand marketing and to sell merchandise.

Ms. Hilton is most widely known for the reality television show The Simple Life, in which she and celebrity socialite, Nicole Richie, ditched their limos to travel America aboard a Greyhound bus.

Ms. Hilton says the dumb blonde act was a put-on, “I was always in on the joke, but I knew exactly what I was doing. Behind the scenes, I was building a brand.”

She has leveraged her gossip pages notoriety into 19 different consumer product lines, including perfumes, apparel, lingerie, cosmetics, sunglasses watches, shoes, handbags and jewelry, which together generated an estimated $4 billion in revenue over the past decade, the company disclosed.

Investment-banker husband Mr. Reum introduced Ms. Hilton to Mr. Gersh, a former Walt Disney Co. and Time, Inc. executive, to create a media enterprise around one of pop culture’s original influencers.

Since those early discussions, 11:11 Media has launched This Is Paris, a podcast in which she speaks candidly about her family and friends, and a pair of reality TV series, Cooking With Paris on Netflix and Paris In Love, about her engagement and marriage to Mr. Reum.

Ms. Hilton has also tapped into the mania for non-fungible tokens, collaborating with designer Blake Kathryn to sell three unique pieces of digital art — one of which fetched in excess of $1.1 million, according to online auction platform Nifty Gateway.

“The final piece of the digital space is the metaverse,” said Mr. Gersh. “We think that there’s a real opportunity for Paris to influence, even at a younger level than who her core customer is. We’ve built a fantastic, whimsical world that we believe her fans and new fans will just love.” — Reuters

Hugh Jackman tests positive for COVID

BROADWAY’S revival of The Music Man, the hottest ticket in town, on Tuesday canceled performances for five days after star Hugh Jackman tested positive for COVID.

In the latest New York City show to fall victim to the surging coronavirus, Mr. Jackman said on Twitter that he had only mild symptoms, including a scratchy throat and runny nose, and that as soon as he was cleared, he would be back on stage.

Producers announced that all performances of the musical would be canceled through Jan. 1.

Mr. Jackman tested positive after his co-star Sutton Foster came down with the coronavirus last week and was replaced by an understudy. Ms. Foster will return on Jan. 2 but Mr. Jackson is expected to be out until Jan. 6.

Dozens of Broadway shows, including Hamilton, The Lion King, and Aladdin, have been forced to cancel performances over the past two weeks as the virus has raged through the city despite vaccine mandates for cast, crew, and audiences.

Some, like the annual Christmas show by the Rockettes at Radio City Music Hall, shut down entirely, while musicals Jagged Little Pill and Ain’t Too Proud have closed weeks earlier than scheduled because of breakthrough cases and sluggish ticket sales during the normally busy holiday season.

The surge couldn’t have come at a worse time for Broadway, which reopened only in September after an 18-month closure because of the pandemic. January and February are traditionally the leanest months to bring in audiences, and large musicals need full houses to make money.

Music Man is currently running in preview ahead of an official opening scheduled for Feb. 10. Ticket demand has been strong despite an official top price of $699 a seat, and are changing hands on secondary websites for more than $2,000 each. — Reuters

Britney Spears not ready to return to music business

LOS ANGELES — Britney Spears has signaled she is not yet ready to return to making music after 13 years under a conservatorship that took away control of her personal and business affairs and left her scared of the entertainment business. Ms. Spears, 40, who last month was freed from the court-imposed arrangement in 2008 sought by her father, said in a lengthy Instagram post on Monday that she wanted to “push myself a bit more and do things that scare me but not too much” in 2022.

“I guess it seems odd to most why I don’t even do music anymore… People have no idea the awful things they have done to me personally and after what I’ve been through, I’m scared of people and the business!!!,” wrote Ms. Spears, who last performed publicly in Oct. 2018.

“Not doing my music anymore is my way of saying ‘Fuck You’ in a sense when it only actually benefits my family by ignoring my real work. It’s like I’ve subconsciously let them win,” the “Toxic” singer added.

Ms. Spears, who is engaged to boyfriend Sam Asghari, complained to the judge in charge of her conservatorship case earlier this year that she found her father Jamie Spears, who was in charge of her career, controlling.

Jamie Spears was removed as conservator in September. He has said his only goal was to help his daughter rehabilitate her career after she suffered a mental health breakdown in 2007 and that he always acted in her best interest. — Reuters

Emerging markets seen rising in 2022

December 30, 2021 | 12:01 am

EMERGING-MARKET assets are set to rise in 2022 as moderating inflation and accelerating growth trigger gains, but it won’t happen until the second half of the year.

That’s the consensus among investors like Goldman Sachs Group, Inc., Morgan Stanley and JPMorgan Chase & Co. who spoke with Bloomberg on the outlook for developing-nation stocks, bonds and currencies in the new year. As for specifics, they are looking for a Chinese equity rally and gains in local-currency bonds in countries such as Poland, Czech Republic and Hungary.

A midyear recovery would mark a turnaround for a sector that’s about to wrap up its worst year since 2018. While this year’s narrative has been dominated by rising consumer prices, disparate Covid-19 vaccine rollouts and gains in the US dollar driven by expectations of Federal Reserve tightening, better variables may come into play later in the year. Investors already see signs of recovery as policy makers get tough on inflation by boosting rates, while a peak in US growth may hand the advantage back to developing economies, they say.

“2021 has been a year when developed markets outperformed emerging markets in economic growth, and this needs to reverse,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management in Hong Kong.

Rising vaccination rates in some economies will offer a more favorable backdrop, just as signs emerge that supply-chain issues may be stabilizing, Mr. Hui says. Additionally, US policy rates could remain lower than headline inflation, intensifying the search for income.

That would be a welcome change in fortunes for investors in countries whose economies account for more than half of the world’s gross domestic product. The MSCI gauge of emerging-market stocks has dropped almost 5% this year, trading near the lowest level since 2001 relative to US stocks. Local-currency debt is on course for the worst year since 2015, while dollar bonds are heading for only their third loss since the global financial crisis of 2008.

Those disappointments underscore how growth rates among emerging nations have failed to keep pace with their richer counterparts. While developing economies were expanding an average of 2.5 percentage points faster than their developed peers before the pandemic, that’s narrowed to 1.3 percentage points this year, partly due to a shortfall of stimulus to counter the pandemic, investors say.

But with the Fed making a hawkish pivot and signaling three rate increases in 2022, US growth may peak. And that, coupled with a revival in economic activity in emerging markets, might help to widen the differential again.

At least 23 emerging and frontier nations have raised rates this year, which could have a moderating impact on inflation and boost real returns from emerging-market assets, especially stocks and local-currency bonds. At the same time, rising shipments from Asia suggest supply-chain bottlenecks may be easing, which also eases pressure on prices.

Another factor likely to work in favor of emerging markets is China’s policy-easing stance. Authorities in the country, which typically accounts for a third of all major developing-economy indexes by weight, are stepping up support for an economy under strain from a property market crackdown. In the latest move this month, Chinese banks lowered borrowing costs for the first time in 20 months. — Bloomberg

Housing prices recover in Q3 (2021)

December 30, 2021 | 12:00 am

THIRD-QUARTER residential property prices rose by its fastest pace since the second quarter of 2020, thanks to an uptick in demand for condominium units and townhouses. Read the full story.

How PSEi member stocks performed — December 29, 2021

December 30, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 29, 2021.

Power restoration proceeding slowly in Central Visayas — DoE

December 29, 2021 | 10:05 pm

THE Department of Energy (DoE) said power restoration is making progress in many areas hit by Typhoon Odette (international name: Rai), with rehabilitation work in the Central Visayas (Region VII) lagging.

In a virtual news conference to update on repairs to power facilities and transmission lines, the DoE said service has been largely restored to the Eastern Visayas (Region VIII) and the Caraga region (Region XIII), while completion progress in Region VII was estimated at 26%.

Among private distribution utilities, Mactan Electric Co., Inc. reported 50% restoration of service. Visayas Electric Co., Inc.’s completion rate was 25.73%. As of Wednesday, Bohol Light Company, Inc. had made no progress in restoring services.

For Mactan Electric Co., the DoE estimated the restoration of 55% of line feeders, 90% of 69-kilovolt (kV) sub-transmission lines, and 60% of fallen poles.

Balamban EnerZone Corp., which services the west coast of Cebu Island, said its operations have been fully restored, while Mactan EnerZone Corp. is on standby in preparation for energization.

The National Grid Corp. of the Philippines (NGCP) also announced the restoration of the Placer-Madrid 69 kV line in Mindanao serving the Surigao provinces’ franchise areas of Surneco, Siarelco, and Surseco II.

Restored lines were reported in Northern Samar, Eastern Samar, Samar, Biliran, Leyte, Southern Leyte, Cebu, Bohol, Negros Occidental, Negros Oriental, Surigao del Norte, Surigao del Sur, Agusan del Norte and Agusan del Sur.

Meanwhile, transmission lines were still unrestored in the following areas: Maasin-Nasaug-San Isidro, Ubay-Alicia-Garcia, both in Leyte; Ubay-Trinidad-Carmen in Bohol; and Amlan-San Carlos on Negros Island.

The NGCP estimated that 81 of 95 transmission lines were restored. It has also fully restored all transmission lines in Mindanao. — Luisa Maria Jacinta C. Jocson

DBM releases P7.68 billion for typhoon rehabilitation

December 29, 2021 | 10:05 pm

THE Budget department on Wednesday said it has released P7.68 billion to local governments and national agencies for their Typhoon Odette response and recovery efforts.

The Department of Budget and Management (DBM) said in a statement that it released P4.85 billion to local government units on Tuesday to distribute as aid to constituents affected by the typhoon.

“Affected persons and families are expected to receive assistance equivalent to P1,000 per individual and a maximum of P5,000 per household,” the DBM said.

This will be charged against the 2021 unprogrammed appropriations.

A total of P827.18 million released on Monday will top up government agencies’ quick response funds, or standby funds used to quickly help communities affected by disasters.

The DBM said P662.5 million was released to the Social Welfare department.

Another P139.68 million was released to the Office of Civil Defense, while P25 million was given to the national police.

The quick response funding requirement was charged to the National Disaster Risk Reduction and Management Fund, more commonly known as the calamity fund, the DBM said in a statement on Tuesday.

“This can be used for aid, relief and rehabilitation services for communities affected by natural calamities, among others.”

Agencies tap into their quick response funds to immediately respond to disasters. They may request that the DBM top up these funds when they run out.

Meanwhile, another P1 billion was released from President Rodrigo R. Duterte’s contingent fund on Monday, after the DBM released an initial P1 billion on Friday.

The DBM said the money released will assist local governments under a state of calamity, which include those in the Western, Central and Eastern Visayas, Mimaropa (consisting of the provinces of Mindoro, Marinduque, Romblon, and Palawan), Northern Mindanao and the Caraga Administrative Region.

The Caraga region was allocated P264.81 million, while Western Visayas was allotted P248.35 million.

The Central Visayas will be given P202.66 million and Eastern Visayas will get P115.43 million. Mimaropa was allotted P84.38 million, and Northern Mindanao P84.37 million.

“The allocations for the respective regions were computed based on the number of affected households and on the proportionate amount of damage incurred by Typhoon Odette (international name: Rai) on the region’s infrastructure and agricultural sectors,” DBM said.

President Rodrigo R. Duterte has said he intends to allocate P10 billion to typhoon recovery efforts.

Meanwhile, $80 million from a World Bank loan to support the government’s rehabilitation efforts has been released to the Treasury, the Finance department said on Tuesday.

The World Bank in November approved the $500-million fund for a contingent line of credit the Philippines can use to manage the financial impact of disasters and disease.

The government plans to draw down another $120 million from the loan program in the first week of January, when the loan cover will become available under the 2022 national budget. — Jenina P. Ibañez