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Cryptocurrency accounting and taxation

As the national debt ballooned to P12.50 trillion in May 2022, the previous government’s Finance department proposed new tax measures to the successor administration. One such proposal is to tax cryptocurrency.

DEALING WITH CRYPTOCURRENCY
Cryptocurrency is a type of virtual currency (VC) that exists on a blockchain and relies on a cryptographic protocol to regulate its creation and exchange. Unlike conventional currency, cryptocurrency operates independently of central banks.

There are currently thousands of cryptocurrencies circulating worldwide, the most popular of them being Bitcoin and Ethereum. Cryptocurrency is widely used for speculative purposes like stock trading, but some countries have adopted them as legal tender.

In other countries, such as the US, VC is treated as property. The general tax principles applicable to property transactions are applied to transactions involving VCs. Hence, if the fair market value of property received in exchange for the VC exceeds the taxpayer’s adjusted basis (cost basis adjusted by certain expenditures and deductions) of the VC, the taxpayer has taxable gain. On the other hand, the taxpayer incurs a loss if the fair market value of the property received is less than the adjusted basis of the VC.

In Italy, cryptocurrency is treated like foreign currency. Meanwhile, Germany views cryptocurrency as private money, which will trigger tax if held for more than one year, for later sale or spending.

The Philippine treatment of cryptocurrency, however, remains vague. The Bangko Sentral ng Pilipinas (BSP) has yet to issue guidelines to regulate cryptocurrency, although it advises the public of the features, benefits, and risks of dealing with it. So far, a formal regulatory framework was issued for VC exchanges and companies or businesses engaged in changing VCs into fiat currency (and vice versa), requiring their registration with the BSP as remittance and transfer companies. 

For now, the Philippines characterizes cryptocurrency as digital or virtual assets. As assets, cryptocurrency may be the object of taxation either as an ordinary asset or a capital asset.

TAXING CRYPTO TRANSACTIONS
Despite the lack of clear guidelines from the Bureau of Internal Revenue (BIR), investors should expect their income from dealing with cryptocurrency to be subject to taxation.  But the question is, what type of taxes apply?

Section 32 (A) of our Tax Code states that for purposes of tax computation, gross income means all income derived from whatever source. Meanwhile, Section 43 of the code provides in part that taxable income is computed based on the annual accounting period observed and following the method of accounting regularly employed in keeping the taxpayer’s books. Thus, in the absence of specific tax guidelines, the taxation of cryptocurrency will generally depend on whether it is treated as an ordinary asset or capital asset.

In Philippine Interpretation Committee (PIC) Q&A 2019-02, the accounting treatment for cryptocurrency can follow the rules governing inventory or intangible assets.

Under Philippine Accounting Standard (PAS) 2, inventory is not required to be in physical form, but should consist of assets held for sale in the ordinary course of business. Hence, inventory accounting might be appropriate if an entity holds cryptocurrency for sale in the ordinary course of business. An entity that actively trades cryptocurrency, purchasing them with a view to their resale in a short period of time, and generating a profit from fluctuations in the price or traders’ margin, might consider whether the guidance in PAS 2 for commodity broker-traders should be applied.

If treated as inventory, cryptocurrency may be considered ordinary assets subject to ordinary income tax on the total amount of income.

Does it follow then that its sale or exchange is subject to value-added tax (VAT)? Technically, the sale or exchange of goods and services in the ordinary course of trade or business, and those that are incidental to it, is subject to 12% VAT.  Hence, when cryptocurrency is treated as inventory, sale or exchange may be subjected to VAT if the VAT threshold is satisfied.

However, if the entity holds cryptocurrency for investment purposes (capital appreciation) over extended periods, it will not likely meet the definition of inventory, but that of an intangible asset.

In the Q&A, the PIC explained that cryptocurrency can also be treated as intangible assets since they are non-monetary assets, which are without physical substance and are identifiable. An asset is identifiable if it is separable (i.e., it is capable of being separated or divided from the entity and sold, transferred, etc.) or if it arises from a contractual or legal right. Cryptocurrency for investment purposes would likely meet the definition of an intangible asset.

If treated as an intangible asset, cryptocurrency is considered a capital asset for tax purposes. The term capital asset includes property held by the taxpayer, whether or not connected with his trade or business, but excludes stock in trade or property for sale to customers in the ordinary course of business.

As a capital asset, net capital gains derived from sale or exchange are subject to ordinary income tax after considering the holding period in proper cases; however, capital losses are deductible only to the extent of the capital gain.

Likewise, there is a basis for arguing that the sale or exchange of cryptocurrency treated as intangible/capital assets is not subject to VAT since the transaction is not in the ordinary course of a business nor incidental to it.

Lacking clear guidelines in the taxation of crypto-related transactions, BIR officials may have differing interpretations on the matter. Nevertheless, a taxpayer receiving income from cryptocurrency is still required to contribute to the government — the inevitable and indispensable bidding of taxation.

The views or opinions expressed 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.

 

Rommel Rhino C. Edusma is a senior associate at the Tax Services department of Isla Lipana & Co., the Philippine member firm of the PwC network.

+63 (2) 8845-2728

rommel.rhino.c.edusma@pwc.com

At least 5 die after Magnitude 7 quake hits northern Philippines

BUREAU OF FIRE PROTECTION FACEBOOK PAGE

By Norman P. Aquino, Special Reports Editor
and Kyle Aristophere T. Atienza, Reporter

A MAGNITUDE 7 earthquake rocked the northwestern part of the main island of Luzon in the Philippines early Wednesday morning, according to the US Geological Survey (USGS), killing at least five, damaging buildings and halting train operations in the capital Manila where the tremors were also felt. 

The quake struck about 13 kilometers southeast of the town of Dolores in Abra province at a depth of 10 km, the US agency said on its website. 

The Philippine Institute of Volcanology and Seismology (Phivolcs) reported more than 50 aftershocks ranging from magnitude 1.5 to 4.7 in Abra alone.  

The earthquake killed at least five people, according to the National Disaster Risk Reduction Council spokesman Mark Timbal.  

“So far, the Department of Interior and Local Government has updated their fatality count to 5 persons,” he said in a text message to reporters. “This count is still subject for verification.”  

At least two senior citizens were trapped in a landslide in Benguet, the province said on its Facebook page.  

More than 130 people from 24 families in Tuba town in Benguet, which is a six-hour ride from Abra, were evacuated, the provincial government said, citing initial reports. More than 20 houses were damaged there.  

Several bell towers, churches and heritage houses in northern Philippines, as well as cars and other property were damaged by the quake, Senator Imee R. Marcos, who is from Ilocos Norte, said in a statement, citing unnamed sources. 

Several main roads including Kennon, Paraiso, Pagudpud, Ilocos Norte and Apayao were also damaged, while much of the area did not have power after electrical transformers and transmission lines were hit, she added.  

She urged police and the local disaster agency to remain vigilant because aftershocks could follow.” “If necessary, preventive evacuation of coastal villages and landslide-prone zones should be undertaken swiftly.”  

State seismologists said there was no threat of tsunami because the fault line that triggered the earthquake was located on land.  

“It won’t cause the seafloor to rise and lead to a life-threatening tsunami,” Renato U. Solidum, Jr., head of the state seismology agency, told a news briefing in mixed English and Filipino.  

He cited reports of an “unusual wave” in the coasts of La Union and Ilocos provinces that he said was not a tsunami.  

“A tsunami would be very high waves because of the uplift of the ocean floor due to an earthquake in the ocean,” he said.  “What happened was there was shaking of the island and the coastal water was shaken, so there was minor seawater oscillation.”  

“Some of the waters actually entered some of the rivers,” he added.  

Since 1970, 11 other earthquakes of magnitude 6.5 or larger have occurred within 250 km of Wednesday’s earthquake, the USGS said.  

The largest of these earthquakes was a magnitude 7.7 earthquake on July 16, 1990 in Baguio City in Benguet, where at least 1,600 people died and more than 3,000 were hurt, it added 

The 1990 earthquake also caused landslides in the Baguio-Cabanatuan-Dagupan area.  

The Wednesday quake was also felt in the capital region, where several buildings were evacuated and the rail system was halted during rush hour.  

“Any earthquake at magnitude 7 is considered a major earthquake,” Mr. Solidum told a news briefing streamed live on Facebook.  

More aftershocks were expected in the next two days, he said. “Strong intensities are still possible.”  

“I urge everyone to stay alert and to prioritize safety in light of the possibilities of aftershocks that might be felt after that strong earthquake,” Abra Rep. Ching B. Bernos said in a statement. “We are monitoring the situation on the ground and gathering information on the extent of the damage to the province.”  

NO STATE OF CALAMITY
President Ferdinand R. Marcos, Jr. will only visit areas “where his presence is necessary,” Press Secretary Trixie Cruz-Angeles told a news briefing. “Let’s make an assessment first.”  

A state of calamity declaration is “[not] necessary right now,” Mr. Marcos separately told a news briefing.  “Depending on the information that comes back, that might happen. We have to wait for those reports.”  

The quake has mainly affected 15 provinces in the regions of Ilocos, Cagayan Valley and the Cordillera Administrative Region, Mr. Abalos told the same briefing. 

The President, who described the earthquake as “very strong,” said he would not immediately go to affected areas so the jobs of local authorities are not delayed. 

“It has been my experience as governor that when the national officers go to the affected areas immediately, they just mess with the work of local officials,” he said.   

“Let them do their work. Let us wait for them to tell us what is going to be — what the true situation is — and maybe I can schedule a trip perhaps tomorrow as soon as possible.” he added.  

Mr. Marcos said his Social Welfare chief promptly visited affected areas after the quake. “We are awaiting his report.”  

The Philippines lies in the so-called Pacific “Ring of Fire,” a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike.  

At the briefing, Mr. Marcos backed a bill seeking to create a disaster resilience department.   

“We need more capability than we have now,” he said. “We are now good with typhoons and we know a lot about earthquakes. But the dangers and effects of climate change are different, that’s why we need a specialty agency.” — with Alyssa Nicole O. Tan, Matthew Carl L. Montecillo and Marifi S. Jara

 

6 of 10 Pinoys favor ROTC; gov’t told to promote peace

PHILIPPINE ARMY RESERVE COMMAND FACEBOOK PAGE

SIX of 10 Filipinos favor a proposal to reinstate student military training — dropped two decades ago after a university student who exposed corruption in the program died — a senator said in a statement on Wednesday.

Senator Sherwin T. Gatchalian, citing a Pulse Asia Research, Inc. poll that he commissioned, said 69% of Filipinos agree with the plan, which he said was also supported across socioeconomic groups.

The Child Rights Network in a statement said mandatory military training for students violates international commitments on child human rights and existing laws.

The lawmaker has a refiled a bill seeking to revive the military training for Grades 11 and 12 students to ensure the country has enough soldiers during war. The bill is part of President Ferdinand R. Marcos, Jr.’s priority agenda.

The program will include basic military training for defense preparedness or civil-military operations. Students younger than 18 won’t have to take part in a war, according to a copy of the bill.

Students who fail to take the course can’t graduate unless they are psychologically and physically unfit. Varsity players will be exempted.

“Introducing mandatory Reserve Officers’ Training Corps (ROTC) in senior high school is neither warranted nor needed,” Child Rights Network convenor Romeo Dongeto said in the statement.

“To revive mandatory ROTC is to backtrack on decades-long developments that made the program no longer required in the first place,” he added.

He said mandatory military training for senior high school students undermines international commitments on the protection of children from compulsory recruitment into the armed forces.

“Introducing a militarist course in senior high school, at a time when students are at the height of their adolescence period, may also make them vulnerable to developing various risk behaviors sensitive to adverse and negative experiences which could impact them throughout their lifetime,” Mr. Dongeto said.

The state should instead follow the United Nations Convention on the Rights of the Child recommendation in 2008 to promote the values of peace and respect for human rights. These should become basic subjects, he said.

Ex-President Rodrigo R. Duterte had also sought to revive the ROTC, which the Education department in 2019 said could cost as much as P23 billion.

Mr. Gatchalian, who filed the bill in the past Congress, had said the Senate would not support the ROTC revival if it would cost that much. — Alyssa Nicole O. Tan

Philippines scraps Russian helicopter deal for fear of US sanctions

RUSSIAN Air Force Mil Mi-17 — VITALY V. KUZMIN

THE PHILIPPINES has scrapped a deal to buy 16 Russian military transport helicopters because of fears of US sanctions, the Associated Press reported on Wednesday, citing Philippine officials.

Former Philippine Defense Secretary Delfin N. Lorenzana said late on Tuesday the P12.7-billion ($227 million) deal to acquire Mi-17 helicopters had been canceled.

The decision to buy the helicopters was approved last month by former President Rodrigo R. Duterte, before their terms in office ended on June 30, the news agency reported.

“We could face sanctions,” the news agency quoted Mr. Lorenzana as saying in an interview.

Philippine government officials were not immediately available for comment.

US security officials were aware of the decision and could offer similar heavy-lift helicopters for the Philippine military, Mr. Lorenzana said. — Reuters

Philippine chess teams all-out to better their Olympiad finish

GM Banjo Barcenilla — PHILIPPINE STAR FILE PHOTO

AGAINST all odds, the Philippine team sets out to challenge the best and the brightest the world could offer headed by a powerhouse, Wesley So-led United States team that is the heavy favorite to win it all in the 44th World Chess Olympiad unfolding on Friday in Chennai, India.

United States-based Grandmaster (GM) Banjo Barcenilla, accompanied by wife and Olympiad veteran Lilibeth, was the first to arrive in Chennai on Wednesday morning after a long, tiring 28-hour flight from Phoenix, Arizona to Dallas to Heathrow, London and, finally, India’s mecca of chess.

GM Mark Paragua will be coming from New York and was expected to arrive last night.

The rest of the 12-strong national team that also consists of GMs Darwin Laylo and John Paul Gomez and International Master (IM) Paulo Bersamina, WGM Janelle Mae Fryana, WIMs Jan Jodilyn Fronda, Marie Antoinette San Diego and Kylen Joy Mordido and Woman FIDE Master Shania Mae Mendoza flew at 3 p.m. on Wednesday via a Malaysian Airlines flight.

GMs Eugene Torre and Jayson Gonzales are also with the team serving as coaches and non-playing team captains.

The Filipinos will be gunning to improve on a 37th-place finish in the men’s division and 67th in the women’s section in the last face-to-face edition of the biennial event in Batumi, Georgia four years ago.

A total of 188 teams from 186 countries are seeing action in the men’s while 162 from 160 nations are playing in the women’s section in this 11-round, 12-day tournament.

And they will be facing their friend and Cavite-born Mr. So, whose American side is being tipped as the country to beat as it boasts of four players currently ranked in the world’s top 10 in No. 7 Mr. So, No. 5 Fabiano Caruana, No. 6 Levon Aronian, and No. 7 Hikaru Nakamura.

The tournament will be minus powerhouse Russia and China due to various reasons. — Joey Villar

Obiena would get reward for setting new Philippine, Asian record

REUTERS

WORLD No. 6 Ernest John “EJ” Obiena would earn at least P250,000 as incentives from government and possibly more for setting a new national and Asian record during his recent bronze-medal performance in the World Athletics Championships in Eugene, Oregon.

Philippine Sports Commission (PSC) executive director and officer-in-charge Atty. Guillermo Iroy, Jr. on Wednesday told The STAR Mr. Obiena would get a reward for setting a new national and Asian record of 5.94 meters in the Eugene meet.

Mr. Iroy did not mention the exact amount, but the agency had rewarded Mr. Obiena P250,000 several times last year for breaking the national and Asian marks including the previous record of 5.93m the latter set in the Golden Roof Challenge in Innsbruck, Austria.

“We’re still waiting for the official report from PATAFA,” said Mr. Iroy referring to the Philippine Athletics Track and Field Association (PATAFA) headed by Terry Capistrano. “For us, once the board convenes, we will recommend incentive for the record broken.”

Mr. Iroy, however, said it could not give incentives to the bronze since the Worlds gave out prize money to the first up to eighth placers in individual events with a gold worth $70,000, a silver $35,000 and a bronze $22,000 based on documents coming from the PSC.

Based on RA 10699 or the expanded National Athletes and Coaches Incentives Act, “competitions granting prize money shall not be included.”

“For the regular incentives, considering it is a competition with cash prizes and we will follow the law,” said Mr. Iroy.

A bronze in a world-level event done every two years would have meant extra P100,000 for the Southeast Asian Games gold medalist. — Joey Villar

Cool Smashers and Power Hitters eye semis berths against separate opponents

CREAMLINE Cool Smashers — PREMIER VOLLEYBALL LEAGUE

PLDT and Creamline gun for semifinal berths as they tackle Choco Mucho and Chery Tiggo, respectively, on Thursday in the Premier Volleyball League Invitational at the Filoil EcoOil Centre.

Tied at second with 3-1 records, the Power Hitters clash with the Flying Titans at 2:30 p.m. while the Cool Smashers face off with the already-ran Crossovers at 5:30 p.m.

A win would propel PLDT and Creamline straight to the semis alongside Cignal (4-1), and foreign teams Kobe Shinwa of Japan and King Whales of Taipei.

Choco Mucho is expected to give PLDT a tough challenge as the former would need to sweep its last two games, including one against eliminated Petro Gazz (1-4) on Saturday, to have a chance at snatching the last spot to the semis.

And there is hope Kat Tolentino, Des Cheng, Chery Nunag and Thang Ponce could return after sitting out several games due to health reasons.

The four were actually given the green light to play last game, but Choco Mucho coach Oliver Almadro decided to sit them out due to conditioning.

The Flying Titans knew the stakes are high as one defeat means they’re out of it all.

For Creamline, the reigning Open Conference titlist, it is hoping to beat a Chery Tiggo squad that is already out of the running with a 1-4 mark.

Expect the power-hitting troika of MVP leader Tots Carlos, Jema Galanza and skipper Alyssa Valdez to lead the way along with setter Jia Morado and middle-blockers Jeanette Panaga, Ced Domingo and Risa Sato.

A win for the Cool Smashers would also catapult them in a tie for first with the HD Spikers, who absorbed their first defeat at the hands of the Angels in a 19-25, 25-14, 25-23, 25-14, triumph on Tuesday. — Joey Villar

Escueta named San Beda coach

SAN Beda new coach Yuri Escueta (second from left) — PBA MEDIA

SAN Beda has tapped new blood after it appointed Yuri Escueta as its men’s basketball team coach come the 98th NCAA season slated to unfold on Sept. 10 this year.

“It’s now official, Yuri Escueta is the new head coach of the San Beda Lions,” said Lions team manager Jude Roque.

Mr. Escueta will be joined by former San Beda standouts Jenkins Mesina, Alex Angeles and Francis Cruz in the coaching staff, along with ex-Ateneo player Andre Santos in the coaching staff with former head coach Boyet Fernandez returning as a consultant.

Mr. Escueta played for the Red Cubs under the late great coach Ato Badolato before moving to Ateneo to play college ball.

This will be Mr. Escueta’s first head-coaching job after serving as assistants for Ateneo and Gilas Pilipinas for a time before ending up at TnT in the PBA where he is currently a deputy to Chot Reyes.

He will take over the team currently seeing action in an ongoing pre-season collegiate tournament.

The Lions made a coaching change after finishing just third place in Season 97 that ended 14 straight finals appearance that translated to 11 championships during that impressive span. — Joey Villar

EcoOil-La Salle clinches playoff slot; Builders win big

KEVIN QUIAMBAO — PBA MEDIA

BUILDERS Warehouse-Santo Tomas notched its first win in historic fashion, scoring a 71-point rout of hapless AMA Online in a 150-79 win in the Philippine Basketball Association (PBA) D League Aspirants Cup on Wednesday at the Smart Araneta Coliseum.

Sherwin Concepcion led the way with a triple-double of 14 points, 14 rebounds and 10 assists as the Growling Tigers scored the all-time second-highest winning margin in the PBA D-League behind Tanduay after its 76-point win against Zark’s Burgers in 2017, 141-65.

Nic Cabanero backstopped him with 19 markers and five assists as eight more players barged into double digits for Santo Tomas that kept its playoff bid alive at 1-4.

In the second game, EcoOil-La Salle clinched a playoff berth after a close 72-69 win over Adalem Construction-St. Clare.

Gilas Pilipinas stalwart Kevin Quiambao starred for the Green Archers, finishing with 18 points, eight rebounds and six assists including the go-ahead bucket in the last 9.3 seconds.

The Green Archers followed up their big win against NCAA champion Letran to improve to 4-2.

“We’re tired, but this game is very important for both teams. At least nakaangat kami sa quarters,” added mentor Derick Pumaren.

Winless AMA Online has been eliminated at 0-6 while also playoff-bound St. Clare slid to 3-3. — John Bryan Ulanday

The Scores:

First Game

Builders Warehouse-UST 150 — Cabanero 19, Wilson 18, Crisostomo 15, Concepcion 14, Manaytay 13, Baclaan 11, Herrera 10, Mantua 10, Pangilinan 9, Gesalem 9, Santos 7, Escobido 6, Stevens 4, Manalang 3, Canoy 2.

AMA Online 79 — Pineda 13, Baclig 13, D. Cruz 11, Malones 7, Villamor 6, Kapunan 5, De Vera 5, Gile 5, Camay 3, Yambao 3, Palana 3, K. Cruz 2, Ceniza 2, R. Cruz 1, Fuentes 0.

Quarterscores: 36-20, 72-34, 117-60, 150-79.

Second Game

EcoOil-La Salle 72 — Quiambao 18, Manuel 11, Austria 10, Buensalida 9, Macalalag 6, Cortez 6, Estacio 5, Abadam 4, Nwankwo 3, Alao 0.

Adalem-St. Clare 69 — Fontanilla 14, Sablan 12, Manacho 10, Rojas 10, Estacio 6, Gamboa 6, Estrada 4, Sumagaysay 3, Ndong 2, Lopez 2, Tapenio 0.

Quarterscores: 16-13, 30-35, 51-52, 72-69.

Third Game

NU 78 — Clemente 13, Malonzo 12, Enriquez 11, Casinillo 10, Minerva 10, Mahinay 9, John 9, Manansala 4, Galinato 0, Padrones 0, Tibayan 0, Ramos 0, Libang 0, Gloria 0, Crisostomo 0.

Arellano 64 — Flores 14, Doromal 13, Mantua 8, Mallari 7, Menina 7, Valencia 4, Lustina 4, Oftana 3, Tolentino 2, Balo 2, Talampas 0, Mamaradio 0.

Quarterscores: 19-14, 34-36, 53-50, 78-64.

Clinical England thrashes Sweden 4-0 to reach Women’s Euro final

SHEFFIELD, England — Host England waltzed past Sweden into the Women’s Euro 2022 final with Beth Mead, Lucy Bronze, Alessia Russo and Fran Kirby all on target in a sensational 4-0 win in front of a frenzied sell-out crowd at Bramall Lane on Tuesday.

The Lionesses made a nervy start but once Mead produced a moment of brilliance to fire them ahead in the 34th minute, it was one-way traffic for Sarina Wiegman’s side who became the first England women’s team to reach a major final since 2009.

England has now won 11 consecutive matches and will face either Germany or France, who meet on Wednesday, in a Wembley showdown on Sunday as they bid to win their first major trophy.

Sweden, the second-ranked team in the world, had three big chances to take the lead early on and were denied by the woodwork and they paid a heavy price.

Mead produced a great turn on the edge of the area to power a shot beyond goalkeeper Hedvig Lindahl to give England a half time lead that was barely deserved.

But they turned on the style in the second half to crank up a party atmosphere inside the stadium.

Bronze headed England’s second in the 48th minute from a corner and Lauren Hemp somehow failed to make it 3-0 when she fired against the crossbar from substitute Russo’s low cross.

Russo then produced an outstanding piece of improvisation to take the game away from Sweden, sending a cheeky back heel through the legs of goalkeeper Lindahl.

Kirby then put the icing on the cake with a flighted effort that Lindahl could only help into the back of the net.

After that, it was exhibition stuff for a rampant England side who will now take some stopping in Sunday’s final, especially with Mead in such scintillating form.

The Arsenal forward is the leading scorer at the tournament with six goals and two assists in five games so far.

“I think at the full time whistle, we didn’t really know what to do,” Mead said as the adopted British sporting anthem “Sweet Caroline” echoed around the Yorkshire arena.

“It was an unbelievable atmosphere and we are excited to be in the final. The goal came at a good time because there was pressure on us and they had a few chances.”

It was a chastening evening for Sweden who had looked the more likely side early on.

There was less than a minute on the clock when Sofia Jakobsson got in behind England’s defense and forced a fine save from Mary Earps who denied Jakobsson again soon after.

Stina Blackstenius also headed against the bar but Sweden’s night was soon to disintegrate as England rode the wave of euphoria that has built throughout the tournament. — Reuters

Regaining the ONE Heavyweight World Title is a top priority for Brandon Vera

Brandon Vera

FOR more than five years, Brandon Vera had a stranglehold on ONE Championship’s heavyweight division and he wants nothing more than to get back to the pedestal he once owned.

The Filipino-American was a wrecking ball of power during his reign as the ONE Heavyweight World Champion, knocking people out even before the match started to heat up.

Paul Cheng, Hideki Sekine, and Mauro Cerilli all fell to Mr. Vera’s thunderous striking. Yet, all good things had to come to an end and so did Mr. Vera’s reign atop the heavyweight division.

Mr. Mr. Vera ultimately relinquished the world title to India’s Arjan Bhullar at “ONE: Dangal” in May of 2021. More than a year since he lost the gold, Mr. Vera said that his top priority is to bring the ONE Heavyweight World Title back to the Philippines.

“I miss you all very very much. I miss the entire world. I miss performing for you guys. I cannot wait to get back and show you how we’ve been training and what we’ve been doing,” said Mr. Vera.

“Our goal, our dream is to bring our championship belt back home to the Philippines. That’s my number one goal now.”

More than regaining his World Title, though, Mr. Vera wants to become a better ambassador for the sport and inspire more children to take up mixed martial arts.

The hulking heavyweight added that he never thought about his legacy in the sport, but the one thing he’s always focused on is how he can be a role model to the new generation of fighters who watched him fight.

“I never thought about that. I’ve never ever thought about that before. I figure I just let people think of me however they think of me… the only thing that’s ever made me really happy about my reach and how far our reach is in the Philippines is when all the kids in the province know who I am,” he said.

“For me, that’s a big deal. Like, they’ll tell me ‘I want to be a fighter like you. I want to fight in the ring,’ that’s the biggest deal to me. So other than that, I never thought past that.”

While he’s still waiting to get back inside the Circle, Mr. Vera is tuned to what will happen at the landmark ONE on Prime Video 1: Moraes vs. Johnson II on August 27, Singapore time, at the Singapore Indoor Stadium.

Mets’ fast start ends up being enough to edge Yankees

EDUARDO Escobar’s two-run homer capped a four-run first inning and starter Taijuan Walker recovered from a rough start to toss six innings for the host New York Mets, who beat the New York Yankees 6-3 on Tuesday night.

The National League East-leading Mets have won two straight following a three-game losing streak. The Yankees, who entered on Tuesday with the best record in baseball, have lost four of six since the All-Star Break and are 10-11 this month.

The Yankees raced out to a 2-0 lead against Walker when Aaron Judge and Anthony Rizzo homered on consecutive one-out pitches in the first.

But Starling Marte homered off Jordan Montgomery (3-3) with one out in the bottom half of the inning to begin a five-batter flurry by the Mets that included back-to-back doubles by Francisco Lindor and Pete Alonso in addition to Escobar’s two-run shot.

The Mets extended their lead in unusual fashion in the third. Marte led off with a double and raced home when third baseman Josh Donaldson’s throw to first on Lindor’s grounder hit Lindor in the back and bounced into right field.

The Yankees got at least two runners on against Walker in the second, third and fourth, but only scored in the fourth when Aaron Hicks raced home on DJ LeMahieu’s groundout to third.

Walker then walked Judge on four pitches and fell behind Rizzo 3-0 before Rizzo flew out to center field to end the threat.

Walker (8-2) retired the final seven batters he faced to last six innings for the ninth straight start. He allowed the three runs on seven hits and one walk while striking out three.

Adam Ottavino got five outs before Edwin Diaz struck out pinch hitter Joey Gallo to end the eighth. Diaz then closed out his 22nd save by striking out the side while working around a single and his own fielding error in the ninth.

Jeff McNeil added an insurance RBI single in the eighth. Alonso was 3-for-3 and is 8-for-10 in his last three games.

Judge, Rizzo, Hicks and Isiah Kiner-Falefa had two hits apiece.

Montgomery allowed five runs (four earned) on five hits and one walk while striking out three over 2 1/3 innings. — Reuters

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