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Nets shut down Bulls in battle between East leaders

KEVIN DURANT scored a game-high 27 points and James Harden notched a double-double of 25 points and 16 assists to lift the visiting Brooklyn Nets to a 138-112 rout of the Chicago Bulls on Wednesday in a matchup of the top two teams in the Eastern Conference.

A 22-0 run spanning the third and fourth quarters shifted the advantage to Brooklyn, which avenged a 23-point defeat in Chicago on Nov. 8 and a four-point home loss to the Bulls on Dec. 4.

The Nets’ torrid third quarter established the tone in a game they led by as many as 38. Brooklyn shot 12-for-18 and committed just no turnovers in the third while closing the quarter on a 30-8 run after a Nikola Vučević layup tied the game at 71 at the 8:43 mark.

Durant had nine assists to go with his 12th straight game of at least 25 points. Patty Mills (21 points) and Day’Ron Sharpe (20) also finished in double figures. Kyrie Irving added nine points in his third game this season.

Seeking their first regular-season sweep of the Nets since 1997-98, the Bulls still claimed their first season series against Brooklyn in five years.

Zach LaVine paced the Bulls with 22 points. DeMar DeRozan followed with 19, while Coby White (16) and Vučević (14) followed. Chicago committed 17 turnovers while allowing a season high in points.

Brooklyn finished at 56.3% from the floor, including 17-for-32 accuracy from long range. Chicago shot 46.9%.

Sharpe and Harden snagged seven rebounds apiece to help the Nets win the battle along the boards 41-35. Lonzo Ball had seven assists for Chicago, which lost for the second time in 12 games.

Chicago trailed by nine points in the second quarter but charged back behind LaVine, whose seven points in the final 2:18 of the second quarter helped the Bulls pull within 62-60 at the break.

Chicago’s Derrick Jones, Jr. left the game after just 36 seconds with a right knee injury. Jones, Jr. appeared to land awkwardly while jumping for the ball and was helped to the locker room by team training staff. Nic Claxton missed the game for Brooklyn with left hamstring tightness. — Reuters

Hero or heel

The Novak Djokovic saga continues, and not just because Australian Minister for Immigration Alex Hawke continues to have the discretion to exercise his “personal power of cancelation” of the visa issued to the tennis player. As things stand, it hangs like a Damocles sword over the head of the latter, who seems to have been given extraordinary leeway by Tennis Australia officials in the processing of his medical exemption. Moreover, latest developments raise questions about the information on which said exemption is predicated.

Through it all, Djokovic is hellbent on competing in the Australian Open. On one hand, his determination reflects the foundation of his competitiveness on the court; even with the crowd almost always against him in the grandest stages of the sport, and even as circumstances seem to place him at a disadvantage, he manages to time and again snatch victories from the throes of disappointment. On the other, it also underscores his seeming detachment from reality; he’s an anti-vaxxer who appears to lend credence to conspiracy theories, overwhelming scientific evidence to the contrary notwithstanding.

If there’s anything Djokovic’s insistence on staying where he isn’t welcome shows, it’s that he has blinders on perennially. And wears these proudly. He cares a lot about public adulation, but wants it on his terms. And if things don’t go his way, he actually wonders why; the reasons, however valid, are lost on him. Which is to say the foundation of his greatness likewise informs his public intransigence. He’s not one without the other — a hero to some, a heel to others.

There can be no questioning the accomplishments Djokovic has carved with a racket in his hands. At the same time, it’s fair to wonder if his other actions wipe the luster off his resume. He’s not merely a player, but a citizen of the world. In fact, he bears even more responsibility to be aware of his influence given his status, and use it for the greater good. The end never justifies the means, and it’s not too late for him to understand why.

 

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.

Peso rises vs dollar on GIR data

THE PESO rebounded versus the greenback on Thursday as the country’s foreign exchange buffers remained ample.

The local unit ended trading at P51.04 per dollar on Thursday, appreciating by 15 centavos from its P51.19 close on Wednesday, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session stronger at P51.08 versus the dollar. Its weakest showing was at P51.225, while its intraday best was at P50.99 against the greenback.

Dollars exchanged dropped to $917.25 million on Thursday from $1.114 billion on Wednesday.

A trader attributed the peso’s strength to data that showed an increase in the country’s gross international reserves (GIR).

The country’s GIR stood at $108.891 billion as of end-December 2021, inching up by 1.08% from the $107.723 billion at end-November, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

However, this was lower by 1.11% from the record $110.117-billion level seen at end-2020 and was short of the BSP’s $111-billion end-2021 projection.

Still, at this level, the GIR is enough to cover 10.3 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to about 8.8 times the country’s short-term external debt based on original maturity and 5.9 times based on residual maturity.

Gains at the local stock market also supported the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Philippine Stock Exchange index gained 1.28% or 92.62 points to end at 7,307.75 on Thursday. The broader all shares index gained 1.05% or 40.20 points to close at 3,870.11.

For Friday, Mr. Ricafort gave a forecast range of P50.95 to P51.15 per dollar, while the trader expects the local unit to move within P50.90 to P51.20. — L.W.T. Noble

Stocks climb as World Bank keeps GDP forecasts

BW FILE PHOTO

STOCKS ended higher on Thursday after the World Bank said it is optimistic on the Philippine economy this year, even as inflation and new variants of the coronavirus disease 2019 (COVID-19) threaten the outlook.

The 30-member Philippine Stock Exchange index (PSEi) advanced 92.62 points or 1.28% on Thursday to close at 7,307.75, while the broader all shares index went up 40.20 points or 1.05% to 3,870.11.

“The local bourse finished higher as investors seem to have taken positively the World Bank’s outlook for the Philippine economy,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

In its latest “Global Economic Prospects” report released on Tuesday, the World Bank said the Philippines could go back to its pre-pandemic output this year, but the rapid spread of the Omicron variant may coincide with the threat of inflation, growing debt, and heightened income inequality in emerging and developing economies.   

The multilateral lender kept its growth projection for the Philippine economy at 5.9% for 2022 and 5.7% for 2023. These are below the 7-9% and 6-7% growth projections set by economic managers for both years.

The World Bank expects the Philippine gross domestic product (GDP) to have expanded by 5.3% in 2021, which is within the 5-5.5% target of the government.

“Investors continued to bet on the recovery of the Philippines as the high US consumer price index (CPI) numbers made them return back to the PSEi,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The consumer price index rose 0.5% last month after advancing 0.8% in November. In the 12 months through December, the CPI surged 7.0%, Reuters reported. That was the biggest year-on-year increase since June 1982 and followed a 6.8% rise in November.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the local bourse’s extended rally on Thursday reflected investors’ hope that the National Capital Region will not be placed under a stricter lockdown.

The Health department on Thursday reported 34,021 new COVID-19 cases, bringing active infections in the country to 237,287.

All sectoral indices ended in the green on Thursday, led by mining and oil, which climbed 221.37 points or 2.24% to 10,082.12.

Financials gained 28.80 points or 1.74% to end at 1,678.44; services inched up 30.54 points or 1.55% to 1,994.86; industrials advanced 141.35 points or 1.37% to 10,402.87; holding firms added 65.61 points or 0.93% to close at 7,091.31; and property increased 19.10 points or 0.59% to 3,234.07.

Value turnover grew to P7.2 billion with 1.50 million shares switching hands from the P5.95 billion with 854.66 million issues traded the previous day.

Advancers outnumbered decliners, 131 against 60, while 50 names closed unchanged.

Net foreign buying increased to P659.73 million from the P313.75 million logged on Wednesday. — MCL with Reuters

French teachers strike over chaotic COVID-19 strategy for schools

UNSPLASH

PARIS — French teachers walked off the job on Thursday over what they say is the government’s failure to adopt a coherent policy for schools to manage the COVID-19 pandemic and properly protect pupils and staff against infection.

Teachers, parents, and school administrators have struggled as new testing requirements were announced on the eve of the return from Christmas holidays and changed twice since.

“We had reached such a level of exasperation, tiredness, and anger that we didn’t have any other option but to organize a strike to send a strong message to the government,” said Elisabeth Allain-Moreno, national secretary of the SE-UNSA teachers union.

Unions have said they expect many schools to be closed on Thursday and large numbers of teachers — including about 75% in primary schools — to join the one-day strike. Unions representing school directors, inspectors, and other staff have also joined the strike.

The government, having reversed an earlier policy of quickly shutting down classes with positive coronavirus cases, has been standing by its policy to keep classes open as much as possible, saying some degree of complication is the price to pay.

“I know it’s tough, but a strike does not solve problems. One does not strike against a virus,” Education Minister Jean-Michel Blanquer told BFM TV.

Infections have surged in schools as France has set records with close to 370,000 new daily cases. Positive cases can result in dozens of pupils and staff being sent to labs and pharmacies for testing.

“The exhaustion and exasperation of the entire educational community have reached an unprecedented level,” eleven unions said in a joint statement. 

“The responsibility of the minister and the government in this chaotic situation is total because of incessant changes of footing, unworkable protocols and the lack of appropriate tools to guarantee [schools] can function properly.” — Ingrid Melander and Lea Guedj/Reuters

Biden imposes first sanctions over N. Korea weapons program after missile tests

KCNA VIA REUTERS

WASHINGTON — The Biden administration on Wednesday imposed its first sanctions over North Korea’s weapons programs following a series of North Korean missile launches, including two since last week.

The sanctions targeted six North Koreans, one Russian and a Russian firm Washington said were responsible for procuring goods for the programs from Russia and China.

The US Treasury said the steps aimed both to prevent the advancement of North Korea’s programs and to impede its attempts to proliferate weapons technologies.

The United States also proposed that five of those individuals also be blacklisted by the United Nations Security Council, which would need consensus agreement by the body’s 15-member North Korea sanctions committee.

The administration of US President Joseph R. Biden, Jr., has sought unsuccessfully to engage Pyongyang in dialogue to persuade it to give up its nuclear bombs and missiles since taking office in January last year.

US State Department spokesman Ned Price said the United States remained committed to pursuing diplomacy with North Korea.

“What we have seen in recent days … only underscores our belief that if we are going to make progress, that we will need to engage in that dialogue,” he told a regular news briefing.

The Treasury Department said the sanctions followed six North Korean ballistic missile launches since September, each of which violated UN Security Council resolutions.

South Korea, a US ally that has pushed Washington to back more engagement with North Korea, said it did not believe the move meant that Biden’s administration had hardened its position.

“We think the US measure reflected the existing US position that implementing sanctions is also important, together with dialogue,” a South Korean foreign ministry spokesperson told a briefing.

US Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said the moves targeted North Korea’s “continued use of overseas representatives to illegally procure goods for weapons.”

North Korea’s latest launches were “further evidence that it continues to advance prohibited programs despite the international community’s calls for diplomacy and denuclearization,” Mr. Nelson said in a statement.

It said the State Department had designated Russia-based North Korean Choe Myong Hyon, Russian national Roman Anatolyevich Alar, and the Russian firm Parsek LLC for “activities or transactions that have materially contributed to the proliferation of weapons of mass destruction or their means of delivery.”

It said Choe Myong Hyon, a Vladivostok-based representative of North Korea’s Second Academy of Natural Sciences (SANS), had worked to procure telecommunications-related equipment from Russia.

Four China-based North Korean representatives of SANS-subordinate organizations — Sim Kwang Sok, Kim Song Hun, Kang Chol Hak, and Pyon Kwang Chol — and one other Russia-based North Korean, O Yong Ho, were also targeted.

Sim Kwang Sok, based in Dalian, had worked to procure steel alloys, and Kim Song Hun, who was based in Shenyang, software, and chemicals, Treasury said.

In a statement, US Secretary of State Anthony Blinken said that between at least 2016 and 2021, O Yong Ho had worked with Parsek LLC and Mr. Alar, the firm’s director for development, to procure multiple goods with ballistic missile applications, including Kevlar thread, aramid fiber, aviation oil, ball bearings, and precision milling machines.

ROCKET FUEL MIXTURES
Mr. Blinken said Mr. Alar also provided O Yong Ho with instructions for creating solid rocket fuel mixtures.

“The procurement and supply relationship between O Yong Ho, Roman Anatolyevich Alar, and Parsek LLC is a key source of missile-applicable goods and technology for the DPRK’s missile program,” his statement said.

It also said O Yong Ho had worked to procure items including aramid fiber, stainless steel tubes, and ball bearings from “third countries” it did not name.

North Korea’s UN mission, Russia, and China’s embassies in Washington and the Russian firm did not respond to requests for comment.

North Korean media said leader Kim Jong Un observed the test of a hypersonic missile on Tuesday, the second in less than a week after he vowed in a New Year speech to bolster the military with cutting-edge technology.

Tuesday’s test came hours after the US mission to the United Nations, joined by Albania, France, Ireland, Japan and the United Kingdom, condemned last week’s launch and called on UN states to fulfill sanctions obligations.

UN resolutions ban North Korean ballistic missile and nuclear tests and impose sanctions.

Anthony Ruggiero, a sanctions expert in the former Trump administration that failed to persuade Kim to roll back his nuclear program despite unprecedented engagement, called the new sanctions “a good start.”

However, he said the Biden administration had allowed a reversal of sanctions pressure and added: “Biden needs to continue the designations to increase the pressure on the Kim regime.”

Mr. Price did not respond when asked why no Chinese individuals or entities were targeted, or specifically when asked if China and Russia were doing enough to enforce sanctions, but stressed the importance of all UN states doing so, while adding: “Obviously we’ve not seen all of that.”

Wednesday’s actions freeze any US-related assets of those targeted and prohibit all dealings with them. — David Brunnstrom and Chris Gallagher/Reuters

Why you should still try to avoid catching Omicron

COMPUTER-GENERATED representation of COVID-19 virions via Felipe Esquivel Reed / CC BY-SA

A fast-spreading Omicron variant that causes milder illness compared with previous versions of the coronavirus has fueled the view that COVID-19 poses less of a risk than in the past.

In which case, some ask, why go to great lengths to prevent getting infected now, since everybody will be exposed to the virus sooner or later?

Here is why experts say it is not time to be complacent about Omicron:

YOU COULD STILL BECOME VERY ILL
Research has indicated that Omicron may be more likely to lead to an asymptomatic case of coronavirus disease 2019 (COVID-19) than prior variants. For those who do have symptoms, a higher proportion experience very mild illness, such as sore throat or runny nose, without the breathing difficulties typical of earlier infections.

But the extraordinary spread of Omicron in many countries means that in absolute numbers, more people will experience severe disease. In particular, recent data from Italy and Germany show that people who are not vaccinated are far more vulnerable when it comes to hospitalization, intensive care and death.

“I agree that sooner or later everyone will be exposed, but later is better,” said virus expert Michel Nussenzweig of Rockefeller University. “Why? Because later we will have better and more available medicines and better vaccines.”

YOU COULD INFECT OTHERS
You might become only mildly ill, but you could pass the virus to someone else at risk for critical illness, even if you have antibodies from a prior infection or from vaccination, said Akiko Iwasaki, who studies viral immunology at Yale University.

OMICRON’S LONG-TERM EFFECTS ARE UNKNOWN
Infections with earlier variants of the coronavirus, including mild infections and “breakthrough” cases after vaccination, sometimes caused the lingering, debilitating long-haul COVID syndrome. “We have no data yet on what proportion of infections with Omicron… end up with Long COVID,” Dr. Iwasaki said. “People who underestimate Omicron as ‘mild’ are putting themselves at risk of debilitating disease that can linger for months or years.”

Also unclear is whether Omicron will have any of the “silent” effects seen with earlier variants, such as self-attacking antibodies, sperm impairments, and changes in insulin-producing cells.

MEDICATIONS ARE IN SHORT SUPPLY
Omicron treatments are so limited that doctors must ration them. Two of the three antibody drugs used during past COVID-19 waves are ineffective against this variant. The third, sotrovimab, from GlaxoSmithKline, is in short supply, as is a new oral antiviral treatment called Paxlovid, from Pfizer Inc., that appears effective against Omicron. If you get sick, you might not have access to treatments.

HOSPITALS ARE FILLING UP
In fully vaccinated and boosted individuals without underlying medical conditions, Omicron “will not do too much damage,” said David Ho, professor of microbiology and immunology at Columbia University. Still, the fewer infections, the better, especially now, “when the hospitals are already overwhelmed, and the peak of Omicron wave is yet to come” for most of the United States, Dr. Ho said.

Due to record numbers of infected patients, hospitals have had to postpone elective surgeries and cancer treatments. And during past surges, overwhelmed hospitals have been unable to properly treat other emergencies, such as heart attacks.

MORE INFECTIONS MEAN MORE NEW VARIANTS
Omicron is the fifth highly significant variant of the original SARS-COV-2, and it remains to be seen if the ability of the virus to mutate further will slow down.

High infection rates also give the virus more opportunities to mutate, and there’s no guarantee that a new version of coronavirus would be more benign than its predecessors. “SARS-CoV-2 has surprised us in many different ways over the past two years, and we have no way of predicting the evolutionary trajectory of this virus,” Dr. Ho said. — Nancy Lapid/Reuters

US consumer prices post biggest rise in nearly 40 years; inflation close to peaking

REUTERS/KEVIN LAMARQUE/FILE PHOTO

WASHINGTON — US consumer prices increased solidly in December as rental accommodation and used cars maintained their strong gains, culminating in the largest annual rise in inflation in nearly four decades, which bolstered expectations that the Federal Reserve will start raising interest rates as early as March.

The report from the Labor Department on Wednesday followed on the heels of data last Friday showing that the labor market was at or near maximum employment.

Fed Chair Jerome Powell on Tuesday said the US central bank stood ready to do what was necessary to keep high inflation from becoming “entrenched,” in testimony during his nomination hearing before the Senate Banking Committee for a second four-year term as head of the bank.

The high cost of living, the result of snarled supply chains because of the coronavirus disease 2019 (COVID-19) pandemic, is a political nightmare for President Joseph R. Biden, Jr., whose approval rating has taken a hit.

“The Fed is going to be forced to begin raising rates in March and depending on the political pressure on them — from both sides of the aisle — they are going to have to raise rates four or more times in this year and potentially more than that next year,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina.

The consumer price index (CPI) rose 0.5% last month after advancing 0.8% in November. In addition to higher rents, consumers also paid more for food, though the 0.5% increase in food prices was less than in the prior three months. There were big gains in the prices of fruits and vegetables, but beef prices fell 2.0% after recent sharp gains.

Consumers also got a respite from gasoline prices, which fell 0.5% after rising 6.1% in both November and October.

In the 12 months through December, the CPI surged 7.0%. That was the biggest year-on-year increase since June 1982 and followed a 6.8% rise in November.

Last month’s inflation readings were in line with expectations. Rising inflation is also eroding wage gains. Inflation-adjusted average weekly earnings fell 2.3% on a year-on-year basis in December.

President Biden said virtually every nation was afflicted with inflation as the global economy recovers from the pandemic.

“This report underscores that we still have more work to do, with price increases still too high and squeezing family budgets,” Mr. Biden said in a statement.

Inflation is well above the Fed’s flexible 2% target. It is also being lifted by budding wage pressures as the labor market tightens. The unemployment rate fell to a 22-month low of 3.9% in December. Markets have priced in an about 80% chance of a rate hike in March, according to CME’s FedWatch tool.

Economists say the broad nature of inflation appears to have caught Fed officials off guard. There are concerns that inflation expectations could become entrenched and compel the Fed to aggressively tighten monetary policy, potentially causing a recession.

“This is the first time the Fed has chased instead of trying to preempt a nonexistent inflation since the 1980s,” said Diane Swonk, chief economist at Grant Thornton in Chicago. “Brace yourselves.”

Stocks on Wall Street were trading higher amid relief that the increase in prices was as expected. The dollar fell against a basket of currencies. US Treasury prices rose.

BOTTLENECKS EASING

Economists believe the year-on-year CPI rate probably peaked in December or will likely do so by March. There are signs that supply bottlenecks are starting to ease, with an Institute for Supply Management survey last week showing manufacturers reporting improved supplier deliveries in December.

But soaring COVID-19 cases, driven by the Omicron variant, could slow progress towards normalization of supply chains.

Excluding the volatile food and energy components, the CPI increased 0.6% last month after rising 0.5% in November.

The so-called core CPI was boosted by rents, with owners’ equivalent rent of primary residence, which is what a homeowner would receive from renting a home, rising a solid 0.4% for a third straight month.

Prices for used cars and trucks accelerated 3.5% after increasing 2.5% in each of the prior two months. The surge likely reflects Hurricane Ida in late August and early September, which destroyed thousands of motor vehicles among other property.

New motor vehicle prices rose 1.0%, marking the ninth consecutive month of gains. A global semiconductor shortage has undercut motor vehicle production.

Prices for furniture, bedding, and housekeeping supplies increased. Apparel prices jumped 1.7%, the largest increase since January 2021. The cost of healthcare rose 0.3%.

There were also increases in the prices for airline tickets, personal care products and tobacco. But the cost of motor vehicle insurance fell again as did recreation. Communication prices were unchanged.

In the 12 months through December, the so-called core CPI accelerated 5.5%. That was the largest year-on-year gain since February 1991 and followed a 4.9% advance in November. The year-on-year core CPI rate is seen peaking in February.

Still, inflation is likely to remain above target this year.

“Inflation will slow in 2022 as supply chains reopen and prices for some items, like vehicles and energy, decline as supply catches up to demand,” said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania.

“But inflation for many other goods and services will be higher in 2022 than before the pandemic, due to higher labor costs and input prices. Housing will also contribute to high inflation in 2022.” — Lucia Mutikani/Reuters

51st National Marketing Conference set

Powerhouse event to tackle how the country’s marketing experts will ‘reimagineer’ the future

As the economy still reels from the pandemic, the advertising and communications industry is taking a step forward by reimagineering ways on how to stay relevant, inch forward and future-proof their businesses.

“The old theories of marketing are dead,” said Donald Patrick Lim, chief operating officer of DITO. “It’s time to lay the new foundation and transform the laws of marketing for the ever-changing business landscape facing all of us in the new decade.”

Lim is one of the guest speakers in the much-anticipated 51st National Marketing Conference, which is slated from Jan. 18 to 20, 2022.

Presented by the Philippine Marketing Association (PMA), the annual event gathers the country’s top marketing experts, budding practitioners, entrepreneurs, and startups.

THE FUTURE OF MARKETING IS NOW

Dubbed “Reimagineering the Future of Marketing,” this year’s conference brings marketing communications down the path where creativity and imagination, innovation and technology, and data science and structure all converge.

“We have, indeed, entered the future of marketing,” enthused Lucien Dy Tioco, PMA president and EVP of PhilStar Media. “We chose the theme because we’re on a continuing journey on how the new dynamics of marketing and the future-proofing of business will take shape.”

During the course of the pandemic, the advertising and communications industry relied on innovation, digital technology, creative marketing, and best use of logistics and data analytics to remain current

“There is a great amount of uncertainty where the pandemic is leading us,” added Dy Tioco. “But one thing is for sure, we can’t go back to what we were accustomed to.”

And so, more than just sharing the latest marketing tools, the newest technologies and creating a seamless customer journey, Dy Tioco said the much-awaited marketing conference aims to find “a greater solution, a blueprint of what we should regard as important for humanity, and ways to secure a sustainable future for everyone.”

WHERE BRIGHT (MARKETING) MINDS MEET

When dissected, the forum title (“Reimagineering”) consists of three words: image (a capture or rendition of matter or idea); imagine (the tangible ingredient, that potent piece that propels from ideation to creation); and engineer (to create a system or structure of elements that sync together in movement, “that allow us recreate the future in our minds”).

“At PMA, we don’t just think about the future. We imagine it. We innovate,” said Pinky Yee, NMC overall chair, at the virtual launch of the 51st NMC held recently via Zoom.

The 51st National Marketing Conference has all the regular attractions of a physical event translated onto the virtual platform.

There’s a virtual Trade Exhibit, which is expected to flip the usual delegate experience. The Plenary Sessions are designed to ooze with conference buzz and ambience.

Created for world-class marketing practices targeting business, industry, and the academe, the National Marketing Conference is one of PMA’s flagship projects where bright (marketing) minds meet.

In its 51st year, some 1,500 marketing and business decision-makers and influencers are expected to attend the three-day conference with Asia Marketing Federation (AMF) president Kim Boojong giving the welcome address.

“It’s important for all marketers to attend this conference because in this rapidly changing market, there is an emergence of a new world, where a new kind of consumer is evolving, and a new way of doing business is imperative,” Kim Boojong said in a pre-recorded message. “This conference will not only inspire you, but also prepare you for success.”

Day 1: “Responding to the Environmental Forces that Shape Us”

The three-day conference kicks-off on Jan. 18 with the theme “Responding to the Environmental Forces that Shapes Us” with back-to-back keynote addresses from Procter & Gamble Global Baby, Feminine and Family Care first Asian CEO Ma. Fatima (FAMA) De Vera-Francisco who will talk about “The Power of Marketing: Inspiring and Empowering Individuals” and Kumu founder Roland Ros who will discuss the “Paradigm Shifts in Business: Explore and Exploit the New Normal.”

Marketing Institute of Singapore president Roger Wang will get you updated on the “Asian Marketing Trends for 2022.”

An open forum on the “Relevant and Responsive Marketing During and Beyond the Pandemic” will be held right after the Q&A portion. Panelists include Samgyeop Masarap owner Consul Nina Mangio, Century Pacific Food Inc. COO and EVP Gregory Banzon, and Fredley Group of Companies founder and CEO Avin Ong.

Steven Tan, president of SM Supermalls, will tackle “Inspiring Resilience and Pushing for Retail Recovery amidst the Pandemic”.

The afternoon session (Track 2) is all about “Optimizing Collaboration in a Fragmented World.” The keynote address will be delivered by Ronald Holmes, professor at De La Salle University’s (DLSU) Department of Political Science & Development Studies, who will discuss “Confluence and Synergy as Key to Marketing Survival in Harsh Realities.”

Fifteen minutes will be allotted for the Q&A segment prior to the panel discussion on “The Changing Asian Consumers.” Panelists are Asian Marketing Federation members Anuvat Chalermchai of Thailand, Datuk Marimuthu Nadason of Malaysia, and Hoyoung Jung of South Korea.

Luz Suplico of DLSU, Benjie Encarnacion of PMA Council of Marketing Educators, and Reynaldo Bautista, Jr. of DLSU will discuss “Branding Roadmaps for the New World.”

Teddy G. Monroy, country representative of the United Nations Industrial Development Organization (UNIDO) will shed light on “Circular Economy Towards Sustainability and Growth.

Prophet partner Jacqueline Alexis Thng will present about “Is Advertising Dead? Are Living Brands the Next Leap?” with reactors Jim Guzman of Unilab, Jorge Wieneke of Association of Filipino Franchisers, Inc., and Marvin Tiu Lim of Mega Global Corporation.

Day 2: “Integrative Marketing Transformation”

Margot Torres, managing director of McDonald’s Philippines, will deliver a keynote on “Building Brands to Thrive in the New World.”

It will be followed by talks on “Serving and Engaging with Today’s Hyperconnected Consumers” by Vince Yamat of 917Ventures, “Going Beyond Digital Transformation” by Dingdong Caharian of GMA New Media, Inc., and “Remote and Hybrid Marketers of the Future” by Patrick Gentry of Sprout Solutions and Boris Joaquin of Breakthrough Leadership Management Consultancy.

Get to know “The Role of Fintech in the Future of Marketing” from the panel discussion with RCBC’s EVP and chief innovation and inclusion officer Lito Villanueva, Paymongo’s co-founder and chief commercial officer Luis Sia, Multisys founder David Almirol and GCash chief customer officer Winsley Bangit,

Day 3: “Purpose-Driven Marketing”

“Purpose-Driven Marketing” will be the theme of Day 3 with keynote address from Asian Marketing Federation co-founder Hermawan Kartajaya who will tackle “Homo Machina: Humanity in the Marketing Machine.”

For the afternoon session, Apper.ph’s Patrick Zulueta and Sales and Marketing Digital Advantage’s (SMAC) Jay Beltran will share tips on how to “Amplify the ROI of your Content Marketing.” Airspeed Group of Companies’ chairwoman and CEO Rosemarie Rafael will discuss “Better Marketing Strategy: A Value-Based Guide to Exceptional Performance” while Globe chief marketing officer Pia Gonzalez-Colby will talk about “The Power of Purpose-Driven Marketing to Drive Change and Business Success”.

Closing keynote address on the conference theme will be given by Donald Lim who will share how the country’s marketing experts can “reimagineer” the future.

“The NMC aims to equip marketers with the right tools and battle gear to create strategic blueprints, and upskill them to become agile and digital ready,” assured NMC overall chair Pinky Yee.

Check out www.philippinemarketing.org/reimagineering/ to learn more about this once-in-a-lifetime event!

 

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Cambodia shelves first ASEAN meeting over attendance ‘difficulties’

PHNOM PENH — Cambodia said on Wednesday it had postponed a meeting of foreign ministers of the Association of Southeast Asian Nations (ASEAN) scheduled for next week, because some ministers had expressed “difficulties” in attending. 

The meeting was the first under Cambodia’s chairmanship of the 10-member bloc, which comes amid divisions on how to deal with the military that seized power in Myanmar last year and has led a bloody crackdown on thousands of its opponents. 

Cambodian Prime Minister Hun Sen met Myanmar’s military ruler Min Aung Hlaing last week, the first such visit by a head of government, sparking concern that it could undermine international efforts to isolate the junta. 

“The postponement is because of many ASEAN ministers are having difficulties to travel to join,” Cambodia foreign ministry spokesperson Koy Kuong told reporters, without elaborating. 

Asked separately by Reuters which ministers could not attend the Jan 18-19 meeting in Siem Reap and why, Koy Kuong said he “can’t speak for them.” 

Under Brunei’s chairmanship, ASEAN late last year took the unprecedented step of sidelining Min Aung Hlaing from its annual leaders’ summit over his failure to honor commitments he made towards ending violence and starting a dialogue process. 

The exclusion angered the junta, which said outside powers had pressured ASEAN to break its own code of consensus and non-interference. 

Brunei, Singapore, the Philippines, Malaysia, and Indonesia had backed excluding the junta. 

Cambodia, however, is taking “different approaches,” its foreign minister, Prak Sokhonn, and said on Saturday, while denying that Hun Sen’s visit was an endorsement of the Myanmar military. 

Prak Sokhonn was expecting to be appointed special ASEAN envoy to the Myanmar situation at the Siem Reap meeting. 

On Saturday, he criticized the previous envoy, Erywan Yusof, as being unproductive in insisting on access to ousted leader Aung San Suu Kyi, who has been convicted in recent weeks of several offenses, including incitement. — Prak Chan Thul/Reuters 

Omicron clouds PHL growth outlook — WB

PHILIPPINE STAR/ MICHAEL VARCAS
A health worker prepares a coronavirus vaccine at the Justo Lukban Elementary School in Paco, Manila, Jan. 3. — PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINE economy could regain its pre-pandemic output this year, but the emergence of new variants of the coronavirus disease 2019 (COVID-19) could still cloud the outlook, the World Bank said.

In its latest “Global Economic Prospects” report released on Tuesday, the World Bank said the rapid spread of the Omicron variant may coincide with the threat of inflation, growing debt, and heightened income inequality in emerging and developing economies.   

The outlook for the Philippines, as well as Maldives, and Thailand, are still negatively affected by the sustained weakness in international tourism amid the pandemic, it said.

“In many countries, especially in the economies that rely heavily on tourism, the recovery of output to its pre-pandemic level is not expected until 2022 (Cambodia, Malaysia, the Philippines) or 2023 (Thailand, some small Pacific Island economies),” the World Bank said.

The multilateral lender kept its growth projection for the Philippine economy at 5.9% for 2022 and 5.7% for 2023. These are below the 7-9% and 6-7% growth projections set by economic managers for both years.

The World Bank expects the Philippine gross domestic product (GDP) to post a 5.3% growth in 2021, which is within the 5-5.5% target by the government.

The Philippine government was looking at reopening its borders to some foreign tourists on a trial basis for two weeks in December. The plan was scrapped as border controls were tightened due to the emergence of the highly transmissible Omicron variant.

The Health department reported 32,246 new COVID-19 cases on Wednesday, with active cases hitting 208,164.

GLOBAL OUTLOOK DIMS
Meanwhile, the World Bank said global GDP will likely rise by 4.1% this year, lower than the 4.3% forecast previously given in June, as the world grapples with a widespread surge in COVID-19 infections.

“After rebounding to an estimated 5.5% in 2021, global growth is expected to decelerate markedly to 4.1% in 2022, reflecting continued COVID-19 flare-ups, diminished fiscal support, and lingering supply bottlenecks,” the multilateral lender said.

“The near-term outlook for global growth is somewhat weaker, and for global inflation notably higher, than previously envisioned, owing to pandemic resurgence, higher food and energy prices, and more pernicious supply disruptions.”

For 2023, global economic growth is forecast to decelerate further to 3.2% “as pent-up demand wanes and supportive macroeconomic policies continue to be unwound.”

Output and investment in advanced economies are forecast to return to pre-pandemic levels in 2023, while emerging and developing economies will likely remain below these levels due to lower vaccination rates, tighter fiscal and monetary policies, and “substantial” economic scarring, the World Bank added.

It identified downside risks to the outlook such as “simultaneous Omicron-driven economic disruptions, further supply bottlenecks, a de-anchoring of inflation expectations, financial stress, climate-related disasters, and a weakening of long-term growth drivers.”

The World Bank expects growth of 5.1% for East Asia and the Pacific this year, slower than the 5.3% previously given.

“The region faces a risk of more severe and longer-lasting effects from the pandemic than assumed in the baseline projections, particularly in those countries that have suffered most from severe outbreaks of COVID-19 and from the collapse of global tourism and trade,” it said.

“The recurrent mobility restrictions in the context of pandemic resurgence, incomplete vaccinations, and insufficient testing, could disrupt activity, weigh on consumer confidence, and delay the recovery of tourism and travel,” it added.

More than 53.3 million Filipinos have been fully vaccinated as of Jan. 11, according to the Health department. Separate data from the Johns Hopkins University showed 48.88% of the country’s population are fully vaccinated.

Natural disasters may also impede recovery in the East Asia and Pacific region, the World Bank said.

“Disruptions and damage resulting from natural disasters and weather-related events are associated with another important downside risk for many economies in the region,” the World Bank said.

Parts of Visayas and Mindanao were ravaged by Typhoon Odette last month. Latest data from the Department of Agriculture showed crop damage reached P12.7 billion as of Jan. 12. — L.W.T.Noble

Vehicle sales up 20% but 2021 target missed

PHILIPPINE STAR/ MICHAEL VARCAS
Cars are stuck in traffic along Commonwealth Avenue in Quezon City in this undated photo. — PHILIPPINE STAR/ MICHAEL VARCAS

VEHICLE SALES increased by 20% in 2021, but the industry missed its full-year target as lockdowns weakened recovery momentum.

Data from the joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that total car sales reached 268,488 units in 2021, a fifth higher than the 223,793 units sold in 2020.

However, the industry missed its full-year sales target of 295,400 by 9%.

CAMPI-TMA members sold 85,260 passenger cars in 2021, rising by 22.4% from the 69,638 units sold in 2020.

Commercial vehicle sales stood at 183,228 units, up by 18.9% from 154,155 units sold in the prior year.

“Looking back at last year’s performance, the automotive industry has remained remarkably resilient with an overall growth of 20% compared with the same performance a year ago — that is no small feat indeed,” CAMPI President Rommel R. Gutierrez said in a statement on Wednesday.

Mr. Gutierrez said December saw the highest monthly sales performance since the pandemic began in March 2020. It was also the fourth straight month of growth.

Mobility curbs were further relaxed in December, with Metro Manila and most parts of the country under the more lenient Alert Level 2.

Vehicle sales inched up by 0.9% to 27,846 in December from 27,596 in the same month of 2020. Month-on-month sales jumped by 5.3%.

Passenger car sales contracted by 3.8% year on year to 8,447 units in December, while sales of commercial vehicles rose by 3.1% to 19,399.

Month on month, the sales of passenger cars and commercial vehicles rose by 2.95% and 6.3%, respectively.

In particular, Asian utility vehicle sales stood at 3,215 in December, 18.4% lower than the same month in 2020 and an 0.8% dip from November.

“The industry remains optimistic for a continued recovery this year from the COVID-19 pandemic downturn as progress on inoculation has provided hopes for a better outlook for the wider economy, but ‘business as usual’ is still unlikely as challenges remain at hand,” Mr. Gutierrez said.

Toyota Motors Philippines Corp. (TMP) still had the largest market share at 48.30%, after selling 129,667 vehicles.

Mitsubishi Motors Corp.’s market share stood at 13.98%, with 37,548 units sold.

Ford Motor Co. ranked third in terms of market share with 7.45%, after selling 20,005.

Ranked fourth and fifth are Nissan Philippines, Inc. and Suzuki Phils., Inc. with market shares of 7.30% and 7.22%, respectively.

The industry outlook may be dimmed by the ongoing surge in coronavirus infections, driven by the more transmissible Omicron variant.

In a note, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said consumers may have smaller budgets for vehicle purchases in the near term as the Omicron variant is expected to disrupt business activity.

“Road vehicle sales is a key indicator that measures the ability of consumers to invest in durable equipment. Without a meaningful rise in capital goods spending, the overall economy will likely have to rely on already exhausted household consumption and to some extent stingy government spending to push growth to hit 7-9% this year,” Mr. Mapa said. — R.M.D.Ochave

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