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Malaysian delegation from food, healthcare, IT industries to visit Philippines

Reuters

A MALAYSIAN trade delegation consisting of companies from the food, healthcare, and information and communications technology industries will visit the Philippines later this month.

In a statement, the Malaysia External Trade Development Corp. (MATRADE) said its Export Acceleration Mission will be in Manila between Aug. 22 and 26.

The event is organized by MATRADE, the Malaysian Ministry of Entrepreneur Development and Cooperatives, and SME Bank Malaysia.

“MATRADE through its Manila office will be coordinating over 100 one-to-one business meetings with leading importers and buyers. Complementing this, programs that have been arranged for the Malaysian companies include a Seminar on Doing Business with Malaysia, market visits and networking sessions with relevant authorities, associations and industry players,” it said.

“This is part of MATRADE’s efforts to familiarize Malaysian companies with rules and regulations on doing business in the Philippines,” it added.

MATRADE Trade Commissioner in Manila Intan Zalani said that the mission will help Malaysian firms establish a presence in the Philippine market and “expand key business relationships.”

“With a young and fast-growing population, the Philippines offers valuable prospects for Malaysian-made products and services that are synonymous with quality and compliance with international standards,” Ms. Zalani said.

According to MATRADE, the Philippines is the fifth-largest export destination of Malaysia within ASEAN, trailing Singapore, Thailand, Vietnam, and Indonesia.

“Between January and June 2022, Malaysia’s trade with the Philippines recorded double digit growth of 30.1% (to) $4.5 billion,” MATRADE said.

“Exports from Malaysia to the Philippines were also encouraging, increasing by 24% to $3.23 billion, while imports from the Philippines to Malaysia grew by 44.3% to $1.62 billion,” it added. — Revin Mikhael D. Ochave

BSP disqualifies four money service firms

BW FILE PHOTO

THE Monetary Board of the Bangko Sentral ng Pilipinas (BSP) disqualified four more firms from securing a license after they were found operating unregistered money service businesses (MSBs).

The central bank disqualified Nanay Melpops Money Changer located in Pasay City, with Magdalena E. Narisma as a point person.

The Monetary Board also banned Sports Den Money Changer, located in Angeles City, Pampanga with Maria Carmela Tayag Arceo as the point person.

Also disqualified are two MSBs in Baguio City, ASLE-Elise Enterprise and CJT Money Changing and Remittance Services. These businesses are owned and operated by Elsa B. Lee and Cherry Jane P. Tolidan, respectively.

According to the BSP, the four entities and any sole proprietorship owned and/or controlled by the respective owners or operations will be disqualified from obtaining a license to engage in any activity supervised by the central bank.

The disqualification is in accordance with Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions.

This “is part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” the central bank said.

The Monetary Board has banned 10 MSBs so far this year. — KBT

How PSEi member stocks performed — August 16, 2022

Here’s a quick glance at how PSEi stocks fared on Tuesday, August 16, 2022.


San Miguel Beer, Meralco meet for the last time for finals berth

ONE game for finals slot -- THE PHILIPPINE STAR/RUSSEL PALMA

GAME TONIGHT
(Smart Araneta Coliseum)
6 p.m. – Meralco vs. San Miguel*
*Series tied, 3-3

FRANCHISE breakthrough versus a shot at lost glory.

These are the major driving forces in play as title-hungry Meralco and former kingpin San Miguel Beer (SMB) settle the score in their deadlocked PBA Philippine Cup semifinal series on Wednesday night at the Smart Araneta Col-iseum.

For the Bolts, a new power in the All-Filipino after posting four runner-up finishes in the import-flavored Governors’ Cup, this is probably their best chance to make it to the ultimate battle for the crown jewel for the first time.

For the Beermen, this is a good opportunity to regain their old spot in the finals of the centerpiece conference after missing it out in the last two seasons coming off their “five-peat” in 2019.

The protagonists duke it out at 6 p.m. with a very interested spectator in TnT intently monitoring their every move. The Tropang Giga are already through to the best-of-seven finale after beating Magnolia in their own semis confrontation last Sunday, 4-2, capped off by an 87-74 clincher.

Meralco, which forced the semis decider via a spectacular 96-92 come-from-behind win in Game 6, is looking to get over the hump in its third consecutive Philippine Cup semis stint.

“We were this close to making the finals of the All-Filipino one time before (in the deciding Game 5 of the 2020 edition) when we lost to Ginebra at the buzzer via Scottie’s (Thompson) three-point shot. So now we have another chance,” said Bolts coach Norman Black.

“It’s a big step for our franchise and now we just have to dig a little bit deeper to try to get there because we’re up against a tough team.”

The Beermen held a 3-1 lead in this Final Four entanglement and appeared on the way to advancing already when they seized a 90-80 cushion in Game 6. But they suffered a big meltdown, giving the Aaron Black-spearheaded Bolts the opening to unload a 16-2 closing salvo and steal it.

“We just stopped playing, I think. We were up 10 and we did not get any stops, we did not score any baskets. We just relaxed. It bit us in the end,” said SMB veteran Chris Ross. “That should be a win. We learn from it, we bounce back.”

This will be Meralco’s second straight “sudden death” in these playoffs after previously outlasting Barangay Ginebra in the third and last game of the quarterfinals, 106-104.

“The Ginebra game was a two-point game. It’s not going to be easier against San Miguel,” said Black, citing the importance of adjustments and counter-adjustments in the you-or-me tiff.

“(SMB) coach Leo (Austria) has been doing a good job of making adjustments every time they lose so we have to anticipate what they’ll do in Game 7 and at the same time have a few adjustments of our own so that we stay a step ahead and hopefully get a victory,” said Mr. Black. — Olmin Leyba

PBA D-League in sudden death semifinals at Big Dome

LA SALLE versus St. Clare in semifinals

GAMES TODAY
(Smart Araneta Coliseum)
11 a.m. – EcoOil-La Salle vs. Adalem Construction-St. Clare
1 p.m. – Marinerong Pilipino vs. Apex Fuel-San Sebastian

APEX Fuel-San Sebastian, Marinerong Pilipino, EcoOil-La Salle and Adalem Construction-St. Clare lock horns one last time in the sudden death semifinals of the Philippine Basketball Association (PBA) D-League Aspir-ants’ Cup on Wednesday at the Smart Araneta Coliseum.

After a back-and-forth duel, the four gritty squads figure in a win-or-go-home Game 3 with the winners this time advancing to the best-of-three finals for a chance to win the D-League’s first title amid the pandemic.

Second-seeded La Salle gets the first crack at 11 a.m. versus the No. 3 Saint Clare while No. 1 San Sebastian and No. 4 Marinerong Pilipino go at it at 1 p.m.

Momentum is on Saint Clare and San Sebastian after notching huge victories in Game 2 to stave off elimination, which they are aiming to carry over in the knockout battle.

The five-time NAASCU champion St. Clare fended off Santo Tomas in the do-or-die quarters before bouncing back again in the semis from an 89-74 Game 1 loss against La Salle with a 72-64 Game 2 win.

On the other end, automatic semifinalist San Sebastian’s long rest backfired in a 74-66 opener loss versus the lower-ranked Marinero and needed to regroup with an 82-74 win in Game 2.

Game 3 now will be an even tougher match, warned Golden Stags mentor Egay Macaraya.

Despite failing to close out their respective counterparts, the Green Archers and the Skippers are determined to rebound and get the job done.

“We can’t be complacent. We have to respect St. Clare because they’re still a champion team,” said La Salle tactician Derrick Pumaren. — John Bryan Ulanday

UAAP reaffirms support for volleyball federation

OFFICIALS of the University Athletic Association of the Philippines and Philippine National Volleyball Federation pose after Tuesday’s meeting.

THE University Athletic Association of the Philippines (UAAP) reaffirmed its commitment and support to the Philippine National Volleyball Federation (PNVF) specifically in the establishment of a wide pool of young players for major international meets.

“Yes, the UAAP is very supportive of the national team program,” said Adamson University and UAAP Season 85 President Fr. Aldrin Suan, CM during Tuesday’s meeting with PNVF at the Adamson campus.

The reaffirmation came less than a week after the PNVF relieved the National University (NU) Lady Bulldogs of their national team duties so as to prevent them from sustaining injuries as they prepare for the coming UAAP season.

NU was supposed to represent the country in the Asian Volleyball Confederation (AVC) Cup set late this month in Pasig and play important tune-up games in the Premier Volleyball League (PVL) Invitational semis but allegedly refused to play for fear its players might get injured.

Creamline, which ruled the PVL Invitational, will represent the country in the AVC Cup instead.

“The PNVF is thankful for the commitment of support from the UAAP,” said PNVF President Ramon Suzara. “With this, we have a secured future for the national team.”

The two parties discussed UAAP aligning its volleyball schedule with the International Volleyball Federation’s (FIVB) program of world calendar and lending its players to the national team.

The national team to the Cambodia 32nd Southeast Asian (SEA) Games campaign, however, will not have UAAP players because of its proximity to the end of the UAAP volleyball season.

The Cambodia games are set May 5 to 16, 2023, the same period when the UAAP is about to conclude its season.

“The Vietnam and Cambodia SEA Games were scheduled in May, not the traditional SEA Games schedule of November up to December because of the offshoot of the COVID-19 (coronavirus disease 2019) pandemic,” said Mr. Suzara. “But come 2023, the SEA Games returns to its traditional schedule and the UAAP players would be free for the national team by then.”

The FIVB’s world calendar starts in May and ends in October of each year for the so-called national team window.

Among those present in the meeting were NU’s Sergio Lim and Nilo Ocampo, Far Eastern University’s Mark Molina, University of the East’s Rod Roque, UAAP Season 85 Secretary Treasurer Fr. Andrew Bayal also of Adamson University, De La Salle’s Nonong Calanog and Edwin Reyes, University of the Philippines’ Dean Francisco “Kiko” Diaz, University of Santo Tomas’ Gigi Kamus and UAAP Executive Director Rebo Saguisag.

“The UAAP is fully supportive of the initiatives of the PNVF, but for this immediate season, we have made preparations for our respective calendar of events,” Mr. Diaz said. “In fact, our current schedule of events fits perfectly with theirs [PNVF], so I don’t see any conflict.”

The major competitions that could see UAAP players on the national team include the Hangzhou 19th Asian Games in September 2023, Asian Championships, Asian Volleyball Confederation Cups for Men and Women and the ASEAN Grand Prix. — Joey Villar

FIFA suspends Indian football federation for undue influence

THE International Federation of Association Football (FIFA) has suspended the All India Football Federation (AIFF) with immediate effect due to “undue influence from third parties,” world soccer’s governing body said on Monday.

The suspension also means that the Under-17 women’s World Cup, which was scheduled to take place in India from Oct. 11-30, cannot be held in the country as planned.

India’s highest court had disbanded the AIFF in May and appointed a three-member committee to govern the sport, amend the AIFF’s constitution and conduct elections that have been pending for 18 months.

In response, FIFA and the Asian Football Confederation (AFC) sent a team led by AFC general secretary Windsor John to meet Indian football stakeholders and laid down a road map for the AIFF to amend its statutes by the end of July and subsequently conclude elections at the latest by Sept. 15.

“The suspension will be lifted once an order to set up a committee of administrators to assume the powers of the AIFF Executive Committee has been repealed and the AIFF administration regains full control of the AIFF’s daily affairs,” FIFA said in Monday’s statement.

Earlier this month, the Indian court ordered elections to be held promptly and said the elected committee would be an interim body for a period of three months.

The elections of the AIFF, formerly led by FIFA Council member Praful Patel, were to be held by December 2020 but were delayed due to an impasse over amendments to its constitution.

“FIFA is in constant constructive contact with the Ministry of Youth Affairs and Sports in India and is hopeful that a positive outcome to the case may still be achieved,” FIFA added. — Reuters

Broner withdraws from fight against Figueroa, citing mental health issues

ADRIEN Broner on Monday withdrew from his Aug. 20 comeback fight against Omar Figueroa citing mental health issues.

The 33-year-old American has held championships in four different weight classes and was due to return to the ring after an 18-month gap with the bout in Florida.

“Sorry to all my fans but mental health is real and I’m not about to play inside the ring,” Broner wrote at the start of a lengthy Instagram post.

“I love the sport of boxing too much to not give my all and I feel like I came up short before because my mind wasn’t 100% there, and I be (damned) if I make that mistake again.”

Broner said that if he never laces up a pair of gloves again, he is sure he will be inducted into the Hall of Fame although he added that he is “far from being finished with the sport.”

Broner beat Jovanie Santiago on points in February last year in his only fight since losing to Manny Pacquiao in 2019. — Reuters

Christmas Day sked

If reports are to be believed, the Christmas Day schedule of the National Basketball Association adds insult to injury for the Nets. Already reeling from the prospect of going through the 2022-2023 season without any as-surance that Kevin Durant and Kyrie Irving, their top players, would be suiting up, they have found themselves victimized anew by the uncertainty. Those tasked with putting together protagonists for the league’s tradition-al Dec. 25 quintupleheader have evidently crossed them off the list.

Not that the NBA is wrong. The Nets would, after all, be pushovers without Durant and Irving burning rubber; heck, they went one and done in the 2022 Playoffs after being swept by the Celtics even with the two seeing con-siderable action. And make no mistake: The NBA is about putting backsides in seats and ensuring that eyeballs stay glued to the screen. The likes of Ben Simmons, Seth Curry, and Patty Mills don’t move the needle at all.

It’s too bad, really, because the Nets are otherwise must-see fare, both on and off the court. Were Durant and Irving able to suit up for certain, they would be no-brainers for the Holiday spectacle. Instead, they’ll be on the out-side looking in. If it’s any consolation, they’re not alone; the Hawks have likewise been uninvited to the party. They’ve been replaced by the Grizzlies and the Sixers, and not without reason.

At this point, it’s no longer a question of whether the Nets will continue to suffer from the turmoil they’re facing. It’s for how long — which is to say unless and until Durant and Irving definitely stay or go. They don’t deserve the outcome, not when they did everything right in claiming the two three years ago, and not when everything looked hunky-dory even just a couple of months ago. And while they may be right to hold on until they ensure commen-surate returns, they have no choice but to absorb all the negatives that come with staying the course.

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.

Philippines at high risk from COVID-19 — US CDC

THE US Centers for Disease Control (CDC) and Prevention has placed the Philippines along with two other countries under the high-risk category for the coronavirus.

In a notice posted on its website on Tuesday, the agency said travelers should avoid the Philippines unless they are up to date with their vaccines.

“Even if you are up to date with your COVID-19 vaccines, you may still be at risk for getting and spreading COVID-19,” it said. People with a weak immune system or are at increased risk for severe disease should “consider delaying travel to the Philippines.”

Also under the high-risk group are Nepal and Russia.

The Level 3 category applies to countries with more than 100 coronavirus infections per 100,000 population in the past 28 days.

CNN reported that places under Level 3 now account for almost 130 of the 235 places monitored by the US CDC.

The Department of Health (DoH) on Tuesday reported more than 1,000 infections involving Omicron coronavirus subvariants.

Health officer-in-charge Maria Rosario S. Vergeire told a news briefing 1,011 more patients got infected with the BA.5 subvariant, 907 of whom have recovered.

She said all regions except the Bangsamoro in southern Philippines have at least one person who tested positive for the subvariant. Of the new BA.5 patients, 53 were still under isolation and two have died, she added.

Ms. Vergeire said 690 of the new BA.5 patients had been fully vaccinated, 12 were partially vaccinated and three have not received any shots. The vaccination status of the remaining 306 people was still being verified.

She also said 19 more people got infected with the BA.4 subvariant, 15 of whom have recovered. Three were still under isolation and one died.

Ms. Vergeire said 12 of the new BA.4 cases were from Soccsksargen, three each from the Bicol region and Western Visayas, and one from the Cordillera Administrative Region.

Of the new BA.4 patients, 13 had been fully vaccinated and one was partially vaccinated. The vaccination status of the remaining five was still being verified.

Ms. Vergeire said severe and critical cases were fewer than 1,000. “However, a continued slow increase has been observed since early July.”

The government had fully vaccinated 72.1 million Filipinos as of Aug. 15, while 17 million people have received their first booster shot, Ms. Vergeire said. More than 1.8 million people have received their second booster shot.

She said DoH has allotted a budget for the purchase of new-generation coronavirus vaccines that are formulated to counter the more contagious Omicron subvariants.

These new vaccines could build immunity against different mutations of Omicron subvariants, she pointed out. Once they become available, they must go through the emergency use authorization process, she added.

Meanwhile, businessman Jose Maria A. Concepcion III said the Philippines should boost its stock of antiviral medicines as part of its pandemic management.

“Antivirals are a way forward considering how vaccinations are going right now and how we have seen cases come and go,” he said in a statement. “We need to bring in antiviral medicines to build up our defenses against COVID-19.”

The supply of the two antivirals — Molnupiravir and Paxlovid — has been unstable due to rising coronavirus infections in the country, Mr. Concepcion, who is a member of the Private Sector Advisory Council, said.

He also said the government should buy vaccines that target both the original COVID-19 strain and more infectious Omicron variants.

The businessman said the private sector is ready to enter into tripartite deals to address regulatory issues.

“The private sector is prepared to step in and enter into another tripartite agreement as it did in 2020,” he said. The arrangement allowed the Philippines to overcome regulatory roadblocks when the Food and Drug Administration had yet to approve the coronavirus vaccines, he pointed out.

The Philippines posted 28,008 coronavirus infections in the past week, with a daily average of 4,001 cases, the Health department said on Monday. The daily average from Aug. 8 to 14 rose by 3% from a week earlier, it said in a bulle-tin.

DoH said it had verified 229 deaths in the past week, 98 of which occurred from Aug. 1 to Aug. 14. Of the new cases, 101 were severe and critical.

It said 719 of 2,571 intensive care unit (ICU) beds had been used as of Aug. 14, while 6,781 of 21,968 non-ICU beds were occupied. There were 882 severe and critical admissions, it added. — Kyle Aristophere T. Atienza and Revin Mikhael D. Ochave

Lawmaker seeks investigation of ‘no-contact’ policy

A CONGRESSMAN has filed a resolution seeking to investigate the government’s use of video surveillance and digital cameras to catch traffic violators in five Metro Manila cities.

Quezon City Rep. Marvin C. Rillo, who filed House Resolution 237, on Tuesday said the government’s so-called no-contact apprehension policy might be abused by law enforcers.

“Our sense is, in their haste to deploy the no-contact apprehension policy to build revenue from traffic fines, cities are haphazardly rolling out the technology at the expense of motorists,” the congressman who is vice chairman of the House of Representatives Committee on Metro Manila Development, said in a statement.

Mr. Rillo cited the need to safeguard the rights and welfare of motorists against potential abuses by law enforcers, including the risk that they could be subjected to excessive and unreasonable fines and penalties.

“We are also worried that motorists may be wrongfully burdened — not by the cost of violating traffic laws, rules and regulations — but by the cost of the technologies used in the no-contact apprehension policy,” he added.

The resolution also pressed for the suspension of the policy amid complaints from motorists.

Several transport groups have asked the Supreme Court to stop and strike down the policy for being illegal.

The cities of Manila, Muntinlupa, Parañaque, Quezon and Valenzuela as well as the Metro Manila Development Authority are enforcing the no-contact policy. — Matthew Carl L. Montecillo

Peso slips against the dollar, hits P56:$1 intraday level as China cuts lending rate

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PESO slipped against the dollar on Tuesday on renewed fears of a global slowdown after China’s central bank cut key lending rates to support the economy.

The local unit closed at P55.83 per dollar on Tuesday, inching down by half a centavo from its P55.825 finish on Monday, based on Bankers Association of the Philippines data.

The peso opened Tuesday’s session weaker at P55.95 versus the dollar. Its weakest showing was at P56.10, the first time the local unit hit the P56-a-dollar level since last month, while its intraday best was at P55.82 versus the green-back.

Dollars exchanged rose to $1.019 billion on Tuesday from $896.6 million on Monday.

“The peso weakened slightly from renewed global growth concerns after the surprise policy rate cut by the Chinese central bank,” a trader said in an e-mail.

The People’s Bank of China cut key lending rates in a surprise move on Monday to revive demand as the economy unexpectedly slowed in July.

The peso closed marginally weaker against the dollar, managing to recoup early losses, “amid some healthy upward correction in the US dollar versus major global currencies, as well as some recent market expectations of a possible mitigated local policy rate hike on Thursday… after softer 2Q 2022 GDP (gross domestic product) growth,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Bangko Sentral ng Pilipinas (BSP) is widely expected to raise its benchmark rates anew on Thursday, with most analysts forecasting a 50-basis-point (bp) increase as inflation remains elevated.

A BusinessWorld poll held last week showed 16 out of 18 analysts expect the Monetary Board to hike rates at its Aug. 18 meeting.

BSP Governor Felipe M. Medalla earlier said that the central bank’s policy-setting Monetary Board may hike rates by 50 bps at their meeting this week as inflation quickened to 6.4% in July, a near four-year high. This was also faster than the 6.1% in June and 3.7% a year ago.

For the first seven months, headline inflation averaged 4.7%, higher than the 4% seen in the same period in 2021 and the central bank’s 2-4% target for the year but lower than its 5% forecast.

The Monetary Board has raised rates by a total of 125 bps since May, including a 75-bp off-cycle hike last month.

For Wednesday, the trader said the peso may appreciate ahead of a likely weaker US retail sales report.

The trader expects the local unit to move within P55.75 to P55.95 per dollar on Wednesday, while Mr. Ricafort gave a forecast range of P55.70 to P55.90. — K.B. Ta-asan