Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 606

PHL remittances 4th among poorer economies in 2024

A man accepts Philippine peso bills at a money remittance center in Makati City, Metro Manila, Philippines, Sept. 19, 2018. — REUTERS/ELOISA LOPEZ

THE PHILIPPINES had the fourth-highest remittance levels among low- and middle-income countries (LMICs) this year, with inflows estimated at $40.2 billion, the World Bank said.

The bank said its rankings were topped by India ($129 billion), Mexico ($68 billion), and China ($48 billion). Pakistan ($33 billion) placed fifth.

“In smaller economies, remittance inflows represent very large shares of gross domestic product (GDP), highlighting the importance of remittances for funding the current account and fiscal shortfalls,” the World Bank said in a blog entry published on Dec. 18.

It said officially recorded remittances to LMICs are expected to hit $685 billion in 2024, up 5.8%.

However, the World Bank said this is likely an underestimate because of the volume of remittances coursed through informal channels.

Remittances in the Philippines are larger than foreign direct investment (FDI) and official development assistance, the bank said.

“The gap between remittances and FDI is expected to widen further in 2024,” it said.

It also said that in the past decade, remittances grew 57% while FDI declined 41%.

The World Bank said remittances are expected to continue growing due to “enormous migration pressures driven by demographic trends, income gaps, and climate change.”

It also urged countries to find ways to leverage remittance flows for poverty reduction, financing health and education, bringing about financial inclusion, and improving access to capital markets for state and nonstate enterprises.

The World Bank said the $40.23 billion estimated remittance inflow was equivalent to 8.5% of GDP in 2024.

For East Asia and the Pacific region, the remittance flows to low- and middle-income regions rose 0.74% to $136 billion in 2023. — Aubrey Rose A. Inosante

Recto: ‘Tweaked’ PIFITA bill to generate P300B by 2030

FINANCE SECRETARY RALPH G. RECTO — DEPARTMENT OF FINANCE FACEBOOK PAGE

THE Department of Finance’s (DoF) proposed changes to the Senate’s version of the capital markets reform bill could bring in additional revenue of P300 billion by 2030, Finance Secretary Ralph G. Recto said.

“We are raising new revenue. We’ve tweaked the revenue measures (like) the Passive Income and Financial Intermediary Taxation Act (PIFITA),” Mr. Recto told reporters last week.

The tweaks will produce “a revenue gain of up to P300 billion by 2030,” he added.

PIFITA, or House Bill No. 4339, is the fourth package of the Comprehensive Tax Reform Program, initiated in 2018 to bring about a more equitable and efficient tax system.

The bill seeks to “harmonize the taxation of passive income and financial intermediaries by reducing and simplifying the complicated tax rates on financial transactions.”

This modifications were made to the proposed Capital Markets Efficiency Promotion Act (CMEPA) or House Bill No. 9277, and its Senate counterpart — Senate Bill No. 2865, also called CMEPA.

The Senate’s CMEPA bill was filed by Senator Sherwin T. Gatchalian in November and is currently awaiting second reading.

In a letter with the proposed changes to the Senate’s CMEPA bill addressed to Senate President Francis G. Escudero, the DoF said factoring in the proposed changes, the bill could generate P13.85 billion in the 2025-2028 period.

Also projected for the period was a P289.08-billion tax collection generated by the Government Revenues Optimization through Wealth Tax Harmonization (GROWTH), previously referred to as DoF-enhanced CMEPA, in the same period.

However, the CMEPA bill in its current form could cause P140.11 billion in foregone revenue for the same period, it said.

“Considering the foregoing, we respectfully propose to include provisions and adopt the proposed language under the DoF’s GROWTH bill,” the DoF said in the letter.

Among the proposed provisions by the DoF are to repeal the exemption on excise taxes imposed on pickup trucks, and to set a uniform 20% interest income rate.

The DoF said the “repeal of the exemption on pickup trucks will address market distortions and inequities while restoring fairness among industry players.”

Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, pickup trucks were granted special tax treatment to benefiting small business owners and professionals.

It also proposed a uniform final tax rate of 20% on interest income on savings deposits, time deposits, foreign currency deposit units, deposit substitutes, and long-term negotiable certificates of deposit. 

Meanwhile, the House-approved PIFITA proposed lowering the interest income rate to 15%.

The Senate’s CMEPA bill does not mention any reduction of tax rates for interest income or repeal of the pickup trucks excise exemption.

The GROWTH bill is expected to raise much-needed revenue beginning in 2025, but will also “improve the progressivity of wealth taxes, harmonize business taxes on financial intermediaries, and level the playing field on currency deposits.”

Among the DoF’s proposed revisions are temporarily increasing the rates of capital gains tax on real property, donor’s tax, and estate tax to 10% from 2025 to 2030, which will be reduced to 6% effective 2031.

“Our proposal, on the 6% to 10%, on the capital gains of the estate and the donors, has a sunset provision until 2030. When 2030 comes, it will revert to 6%, unless extended by Congress. I’ll leave it to Congress,” Mr. Recto said.

He also reiterated that this is not a “new tax” but an amendment of the PIFITA.

Asked whether the decision to not impose new consumption-based taxes was due to the nearing midterm election, Mr. Recto said there are too many consumption taxes at present.

“Maybe what we can do is plug certain leakages like the PWD (Persons with Disabilities) benefits which are being abused. I think the National ID will help with that. I hope by next year, if I’m not mistaken, we will have sufficiently funded the PSA (Philippine Statistics Authority),” he said, referring to the agency overseeing the National ID program. — Aubrey Rose A. Inosante

PEZA targets proclamation of 30 new ecozones in 2025

THE Philippine Economic Zone Authority (PEZA) said it is looking to nearly double the number of new economic zone (ecozone) proclamations to 30 next year.

In a briefing, PEZA Director-General Tereso O. Panga cited the need to push out development to rural areas and bring more small and medium enterprises (SMEs) into the export economy.

“We are very supportive of the plan how (for integrating) more SMEs into the value chain. To do that, we need to promote the creation of more economic zones in the countryside,” Mr. Panga told reporters on Friday.

“(Ecozones) go hand in hand with SME development, including countryside development,” he added.

The investment promotions agency proclaimed 16 ecozones involving investment of P5.637 billion in 2024.

“If we can double (the number of proclamations), then that will definitely stimulate production as well as economic activity, especially in new growth areas,” he said.

PEZA has reported that 27 ecozones proclaimed under the Marcos administration, involving investments worth P9.715 billion.

Mr. Panga added that ecozones need a minimum of 25 hectares and investment of P1 billion to P2 billion.

He said the growth areas for new ecozones include Calabarzon, Region 3, Cebu, and Mindanao.

“The ones really making a big push for this are the (agriculture industry), because they are resource-seeking types of investments,” he added.

He said that PEZA is also looking to expand its portfolio of information technology (IT) parks.

“More IT parks are going into the cities and municipalities,” he added.

PEZA said that it was targeting between P235 billion and P250 billion in investment next year. — Adrian H. Halili

LPG service trainers win Energy dep’t accreditation

A man arranges tanks of liquefied petroleum gas (LPG) on a truck. — PHILIPPINE STAR/EDD GUMBAN

THE Department of Energy (DoE) said it accredited three industry associations as authorized training organizations for qualified service persons (QSPs) in the liquefied petroleum gas (LPG) industry.

In a statement on Sunday, the DoE said that its Oil Industry Management Bureau (OIMB) granted certificates of recognition to the LPG Industry Association, the LPG Marketers Association, and the Philippine LPG Association.

The three associations were the first to meet the standards set by the DoE for training organizations, its agency said.

“We encourage these organizations to adopt a collaborative and inclusive approach. Training should not be limited to members of their associations. By opening their programs to all interested individuals, we can raise the overall level of expertise in the industry, benefiting consumers and stakeholders alike,” OIMB Director Rino E. Abad said.

QSPs need to complete an approved training course conducted by the DoE, the Department of Trade and Industry, and other government agencies, or by an organization duly accredited by the government.

Under the Republic Act No. 11592 or the LPG Industry Regulation Act, all individuals engaged in any activity or facility regulated by the DoE within the LPG industry must complete an approved training program conducted by DoE-accredited organizations.

“This initiative aims to enhance industry standards, improve safety measures, and promote technical proficiency among LPG professionals,” the department said. — Sheldeen Joy Talavera

PHL obtains $501M in ADB funding to boost job quality, infra support 

PHILSTAR FILE PHOTO

THE Asian Development Bank (ADB) approved two funding packages totaling $501 million for the Philippines to support better job quality and infrastructure project planning.

Last week, the bank approved the $500-million Philippines: Business and Employment Recovery Program – Subprogram 2 and the $1-million Preparing and Implementing Climate and Disaster-Resilient Transport Projects.

According to the ADB, the first loan supports “building a business environment that fosters sustainable, high-quality jobs” particularly after the pandemic.

“Subprogram 2… ensures that the workforce is well-equipped to meet evolving industry needs,” the ADB said in a document uploaded on its website.

Components of the program include scaling up active labor market programs and liberalizing the business and investment framework, it said.

The ADB said the program seeks to raise the share of private-sector jobs in total employment to significantly above pre-pandemic levels.

Meanwhile, the Preparing and Implementing Climate and Disaster-Resilient Transport Projects, which was approved on Dec. 18, will support the implementation of the bank’s infrastructure projects.

The technical assistance is intended to provide critical support to the government’s Build, Better, More infrastructure development program, especially in capacity building and project preparation and implementation, it said.

Among those to benefit is the Infrastructure Preparation and Innovation Facility, tasked with preparing flagship projects such as the Bataan-Cavite Interlink Bridge; and the Laguna Lakeshore Road Network.

The 32.15-kilometer Bataan-Cavite Interlink Bridge project is set to link the provinces of Bataan and Cavite with a Manila Bay crossing. It was approved in December 2023.

Meanwhile, the $1.7-billion Laguna Lakeshore Road Network Project, which is expected to cut travel time between Taguig City and Calamba, Laguna, was approved in November. — Aubrey Rose A. Inosante

Future-proofing finance with future-ready controllers

IN BRIEF:

• Financial controllers need to step beyond compliance to create value and remain indispensable copilots to CFOs in driving organizational innovation and growth.

• AI adoption enhances controller impact on enterprise-wide operational efficiency, contributing to macroeconomic growth.

The rapid acceleration of digital transformation is reshaping the business landscape, compelling finance teams to manage returns on investment goals, meet customer demand for innovation, and align with long-term sustainability objectives — all at the same time.

This intersection of often-competing demands characterizes today’s Age of And, where success relies on an organization’s ability to effectively navigate and excel in managing these demands simultaneously. This evolving landscape necessitates a strategic shift in roles. Financial controllers, in particular, are moving beyond their traditional focus on operational tasks such as bookkeeping, compliance, and resource allocation and are now positioned as strategic enablers of value creation.

According to the 2024 EY DNA of the Financial Controller Report, 86% of surveyed controllers across 28 countries recognize that their responsibilities will evolve substantially over the next five years.

To execute their redefined responsibilities, controllers must harness tools such as analytics, automation, and artificial intelligence (AI) to transform vast amounts of data into actionable insights that can support strategic decision-making.

Predictive analytics enables controllers to identify trends, forecast scenarios, and optimize budgeting. For example, analyzing historical financial data facilitates cash flow prediction and improves financial planning, allowing for agile responses to business challenges.

Automation tools like robotic process automation (RPA) streamline reconciliations and report generation, reducing errors and accelerating processes. Automating financial statement consolidation enhances accuracy and delivers timely insights, empowering controllers to focus on strategic activities.

AI-powered solutions, such as machine learning algorithms, detect anomalies, assess credit risk, and anticipate market trends. These capabilities help controllers proactively manage risk and capitalize on strategic opportunities, reinforcing their role as value creators.

However, the successful integration of these tools requires controllers to adapt their skillsets and embrace a more collaborative role with Chief Financial Officers (CFOs) as copilots in driving innovation and organizational agility. This shift fosters greater cohesion within finance teams, breaking down traditional silos that often hinder efficiency and strategic alignment.

CREATING VALUE FROM DATA
Organizations are sitting on a gold mine of financial data, yet this resource often remains underutilized. Controllers can unlock this value using AI tools to transform complex datasets into actionable strategies. AI automates routine workflows, such as data consolidation and reporting, enhancing accuracy and freeing controllers to concentrate on strategic responsibilities like risk assessment and planning. Additionally, AI-driven analysis empowers controllers to forecast trends and develop proactive strategies, elevating their role as strategic contributors.

Beyond its micro-level benefits, AI has the potential to stimulate macroeconomic growth. In fact, a study by a global tech company estimates that AI adoption among Philippine businesses could contribute P2.8 trillion to the economy by 2030.

In the vital sector of micro, small, and medium enterprises (MSMEs), which account for 99.63% of Philippine businesses according to the 2023 List of Establishments compiled by the Philippine Statistics Authority, a data-driven ecosystem is essential for streamlining operations, boosting productivity, and achieving sustainable growth.

AI tools play a pivotal role by automating routine financial tasks such as accounts receivable (AR) collection. For instance, an AI-powered AR Collection Assistant helps prioritize accounts, identify at-risk customers, and recommend optimal actions. Integration with enterprise resource planning (ERP) systems creates a unified platform for agents, improving efficiency and simplifying follow-up processes.

By leveraging AI and automation, businesses can strengthen governance, reduce costs, and enhance operational efficiency, leading to long-term value creation. Additionally, integrating AI into business processes allows MSMEs to analyze complex datasets swiftly, uncovering actionable insights for strategic decision-making. For example, AI-driven predictive analytics can forecast financial trends, enabling businesses to proactively align strategies with organizational goals.

UPSKILLING FOR THE FUTURE
While many companies understand the importance of digital transformation, recognition alone will not drive progress. Delayed implementation risks leave organizations mired in inefficiency while competitors advance toward innovation and growth.

In the Philippines, a disconnect between ambition and readiness for AI adoption stalls digital transformation among companies. A survey by another global tech company found that although 65% of Philippine companies allocate 10-30% of their IT budgets to AI adoption, only 22% are fully prepared to implement AI technologies.

One critical obstacle is the skills gap, with only 23% of survey respondents reporting employee proficiency in managing AI tools. Within finance teams, this shortfall hinders controllers from meeting their redefined responsibilities, ultimately limiting their contributions and impacting organizational success in an increasingly complex business landscape.

REIMAGINING TALENT STRATEGIES
Redefined roles often encounter resistance, particularly as traditional roles for controllers have focused primarily on value protection (e.g., regulatory compliance) and value optimization (e.g., budget planning, cost analysis, and investment evaluation).

To address this, organizations must prepare teams for future-oriented responsibilities in value creation. One clear step is articulating a compelling vision for the controller role, emphasizing how their redefined responsibilities can contribute to the company’s long-term growth strategy. This approach not only clarifies their evolving responsibilities but also motivates teams to align with broader organizational objectives.

For new hires, prioritizing adaptable mindsets and a willingness to learn over rigid credentials ensures a more future-ready workforce. Meeting evolving role expectations also requires targeted upskilling through robust training programs, mentorship, and leadership opportunities, enabling controllers to excel in their redefined roles.

ACTIONS FOR FINANCE LEADERS
Organizational support is critical to empower controllers and their teams to develop the necessary skills while managing day-to-day responsibilities. According to the EY report, 59% of controllers state that their organizations encourage them to evolve into value creators to a large extent. However, many feel they lack adequate resources and support to make the transition.

CFOs and senior leaders can address this gap by allocating budgets for technology adoption and fostering cross-functional collaboration. Providing autonomy and facilitating engagement with the C-suite and key stakeholders can transform controllers into strategic drivers of value.

CFOs can further empower financial controllers by:

Integrating innovation into roles. Redefine job descriptions to include innovation as a core responsibility, directly linking it to performance metrics to ensure that controller efforts contribute to enterprise-wide value creation.

Leading transformative projects. Provide controllers with leadership opportunities in transformation initiatives, supported by adequate budgets, staffing, and mentorship. These experiences cultivate strategic thinking and innovation capabilities.

Focusing on future-ready skills. Equip controllers with expertise in data analytics, AI, and strategic decision-making. These skills will prepare them for evolving financial landscapes and amplify their organizational impact.

Expanding responsibilities strategically. Gradually assign controllers additional responsibilities to deepen their expertise and prepare them for future leadership roles, including the position of CFO.

Developing a talent pipeline. Build a robust talent pipeline by identifying high-potential candidates for controllership roles. Provide these individuals with targeted training and mentorship to ensure the role remains a source of innovation and leadership.

THE FUTURE-READY CONTROLLER
Controllers must take an active role in their evolution. By embracing opportunities to view value creation through a broader lens, they can enhance their contributions to financial planning and analysis (FP&A) and investor relations.

Strengthening engagement with the C-suite and other key internal and external stakeholders is equally essential. Successful transformation into a redefined role ultimately requires a commitment to continuous personal development. To achieve this, controllers should focus on the following key areas:

Embracing uncertainty and disruption. Proactively seek new opportunities to create organizational value, balancing these initiatives with compliance oversight and operational efficiencies.

Exploiting the potential of data and AI. Leverage financial data alongside operational and external data sources to generate insights that enable informed executive decision-making. Additionally, develop a roadmap for an AI-enabled controllership team, identifying the necessary data, processes, and controls.

Equipping teams for the future. Encourage agility by fostering diverse skills within teams, including business, personal, and technological capabilities. Inspire team members to view themselves as innovators and problem-solvers beyond their roles as financial and compliance experts.

PRIORITIZING CULTURAL ADAPTABILITY
Organizations must embrace a cultural shift that prioritizes adaptability and a growth-oriented mindset over reliance on legacy processes. To complement this shift, organizations must integrate a digital-first culture to break down silos and enhance operational efficiency, giving way for better, data-driven decision-making across all functions.

In doing so, controllers can leverage their redefined roles to streamline processes, provide actionable trends and insights, and drive innovation, making them integral contributors to sustainable growth and organizational success.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Anna Maria Rubi B. Diaz is an assurance partner under the Financial Accounting Advisory Services (FAAS) of SGV & Co.

Philippines XI beat Indonesia to earn semis slot in Mitsubishi Cup

BJØRN KRISTENSEN — FACEBOOK.COM/ASEANUTDFC

SHRUGGING off three deflating draws, the Philippines delivered the victory that counted the most in the final push for the Asean Mitsubishi Electric Cup semifinals.

The weary but strong-willed Filipinos carried out their must-win mission against Indonesia in Surakarta with fervor, eking out a gutsy 1-0 verdict on Saturday before a stunned 17,390-strong crowd at Manahan Stadium.

Bjørn Kristensen’s penalty conversion in the 63rd minute against the 10-man Garuda proved enough to bag the full three points — and the semis-clincher — for the Pinoy booters after bungling previous winning opportunities in 1-1 ties against Myanmar, Laos and Vietnam.

The successful trip in Indonesia, coupled with Vietnam’s 5-0 rout of Myanmar in Viet Tri City, sent the Philippines back to the semifinals after missing the knockout stage in the last two editions in 2020 and 2022.

Coach Albert Capellas’ troops advanced as Group B runner-up with six points and set a date with defending champion Thailand, the Group A topnotcher with 12 points, in the semis to be played over two legs. The Filipinos host the opener on Dec. 27 at the Rizal Memorial Stadium before flying to the War Elephants’ turf in Bangkok three days later for the return match.

“We should (have) arrived here (Indonesia) already qualified but we couldn’t score goals with the chances that we made (in the first three matches),” said Mr. Capellas.

“That meant we had to come here to Indonesia to play in a very difficult stadium against a difficult team who had five days’ rest while we played four games with only two days’ rest every game. Players were really tired but they worked so hard to make this qualification happen.”

Freddy Gonzalez, the Philippine Football Federation’s director of national teams, lauded the side for its perseverance.

“We did it the hard way. We should have been 12 points at the end of this stage and first place in this group but we were just really unlucky in the first three games,” he said.

“Everyone is gassed from playing four games in nine days but these guys really dug deep and pulled off an amazing victory that brought us back to the semifinals.”

Now comes the hard part — taking down a Thailand squad that went undefeated in Group A with a whopping goal difference of +14.

“Everybody’s motivated to continue to go against Thailand. That’s really our focus right now — try to beat Thailand and get to the finals,” said Mr. Gonzalez. — Olmin Leyba

SGA signs Cousins for its redemption bid in Dubai tilt

DEMARCUS COUSINS — FACEBOOK.COM/STRONGGROUPATHL

FORMER NBA All-Star DeMarcus Cousins is set to strut his stuff for a Philippine ball club once again.

The 6-foot-10 anchor has been signed by Strong Group Athletics (SGA) over the weekend as its first player for a redemption tour in the 34th Dubai International Basketball Championship from Jan. 24 to Feb. 2, 2025.

SGA will be the second Filipino team of the 34-year-old NBA standout after serving as a key cog for the Zamboanga Valientes in their championship run in The Asian Tournament this year.

A fifth overall pick in the 2010 NBA Draft, Mr. Cousins is expected to provide a steady presence for SGA that’s out to avenge its runner-up finish to Al Riyadi of Lebanon last year.

“We worked hard to get DeMarcus (Cousins). I’ve heard great feedback about him, and I’ve spoken to him a couple of times. He’s serious, means business, and wants to win. We’ve even been discussing personnel matters already,” said SGA mentor Charles Tiu.

“Signing DeMarcus Cousins is a huge step in the right direction. We’re thrilled to have someone of his caliber leading our redemption bid. In the days to come, we’re hoping to sign more NBA veterans and top Filipino prospects to strengthen our squad and finally bring home the Dubai crown,” added SGA President Jacob Lao, whose team ruled the 43rd William Jones Cup this year for a good rebound from Dubai.

Mr. Cousins, a four-time All-Star and two-time All-NBA Second Team member, had a 12-year career in the NBA starting with the Sacramento Kings.

He also played for the New Orleans Pelicans, Golden State Warriors, Houston Rockets, Los Angeles Clippers, Milwaukee Bucks and Denver Nuggets before going on a global journey.

Aside from Zamboanga this year, Mr. Cousins also saw action for the Mets de Guaynabo in Puerto Rico and in Taiwan with the Taiwan Beer Leopards and Taiwan Mustangs.

In the Philippines this time around, heavy responsibility will be on Mr. Cousins’ shoulders as SGA seeks to bounce back from a second-place finish to Al Riyadi in the Dubai finals on a buzzer-beating 77-74 loss.

Fellow NBA veterans Dwight Howard, Andre Roberson and Andray Blatche, also Gilas Pilipinas naturalized player, led SGA then alongside UAAP MVP Kevin Quiambao of De La Salle University, MPBL MVP Justine Baltazar, Jordan Heading and now UAAP Finals MVP JD Cagulangan of the University of the Philippines.

Mr. Cousins is expected to be joined by a handful of NBA standouts anew and collegiate players with the SGA’s announcement of the full roster soon. — John Bryan Ulanday

League-best Cavaliers rout Embiid-less 76ers behind balanced attack

DARIUS GARLAND scored 26 points to lead six players in double figures as the Cleveland Cavaliers improved to a league-best 25-4 with a 126-99 win over the visiting Philadelphia 76ers on Saturday.

Evan Mobley had 22 points, 13 rebounds and seven assists for Cleveland, which led by as many as 35 and won its fourth straight game. Donovan Mitchell scored 19 points, Georges Niang added 13, Caris LeVert had 12 and Ty Jerome chipped in 11.

Cleveland moved to 16-1 at home while shooting 53.3% from the field and 22-of-43 (51.2%) from 3-point range.

Philadelphia played without star Joel Embiid, who was rested on the second game of the Sixers’ back-to-back set.

Tyrese Maxey led Philadelphia with 27 points. Paul George played his first back-to-back set of the season and finished with 11 points, and Ricky Council IV added 11 off the bench.

The Sixers jumped to a 25-14 lead before Cleveland tied the game at 30 at the end of the first quarter after closing on a 16-5 run.

Trailing by one with 8:35 left in the second quarter, the Cavaliers quickly gained control and led by 14 on Garland’s 3-pointer with 19 seconds left.

Council hit a 3-pointer to end the half and cut the deficit to 66-55. Mitchell had 19 points in the half to lead all scorers.

The Cavaliers scored the first nine points of the third quarter, stretching their lead to 75-55 on Garland’s trey with 8:59 remaining in the period.

Philadelphia used a 13-4 run to pull within 81-73 with 5:24 left in the third quarter, but Cleveland answered with an 18-3 run to lead 99-76 at the end of the period.

The Cavaliers carried the momentum into the fourth quarter and pushed their lead to 107-82 on LeVert’s 3-pointer with 8:12 remaining.

Philadelphia shot 39.5% from the field and 11-of-34 (32.4%) from beyond the arc.

Cleveland guard Sam Merrill exited the game in the second quarter with a left quad contusion and did not return. — Reuters

Chiefs knock off Texans in matchup of division leaders

PATRICK MAHOMES passed for 260 yards and accounted for two touchdowns as the Kansas City Chiefs moved closer to securing the top seed in the AFC playoffs with a 27-19 victory over the visiting Houston Texans on Saturday.

Mahomes appeared unfazed by the high right ankle sprain that sidelined him in the fourth quarter against the Cleveland Browns on Sunday. He finished 28 of 41 for the Chiefs (14-1), who converted 7 of 13 third downs to keep the Texans (9-6) at bay.

Both teams have already clinched division titles.

Texans quarterback C.J. Stroud passed for 244 yards and a pair of touchdowns. But he also tossed two interceptions that the Chiefs converted into 10 points, and he was sacked twice. The Texans committed six penalties and finished 1 for 3 in the red zone to undermine their upset bid.

Xavier Worthy had seven receptions for 65 yards and a touchdown, while Marquise Brown finished with five catches for 45 yards in his Chiefs debut. Eight Chiefs players caught passes.

Jaden Hicks’ interception of Stroud snuffed the Texans’ initial drive, and when the Chiefs took over, Mahomes moved the sticks with a 12-yard pass to Brown on fourth-and-1. Mahomes capped the 11-play, 66-yard drive with a 15-yard touchdown run for a 7-0 lead with 6:31 left in the first.

Houston rallied to a 10-7 lead, starting with a seven-play, 55-yard drive that culminated in Ka’imi Fairbairn’s 33-yard field goal with 3:08 left in the first quarter.

On the Texans’ next possession, Stroud connected with Dalton Schultz for a 10-yard scoring pass with 10:09 remaining in the first half. Houston converted three first downs during the 13-play, 82-yard drive.

But the Chiefs responded, capitalizing on a pair of crucial Houston penalties en route to their own 13-play, 82-yard drive, which Kareem Hunt capped with a 3-yard touchdown run.

When Trent McDuffie picked off Stroud with 52 seconds left in the second quarter, Harrison Butker drilled a 44-yard field goal to put the Chiefs ahead 17-10 at the break.

Houston lost receiver Tank Dell to a significant left knee injury during his 30-yard touchdown catch in the third quarter that pulled the Texans to within 17-16. Dell had his left leg stabilized before being carted off the field and taken to a hospital. Dell had six catches for 98 yards. — Reuters

Tiger, Charlie Woods tied for lead at PNC Championship in Orlando, Florida

TIGER WOODS and son Charlie are in a three-way tie for first place at 13-under par after the opening round of the PNC Championship at the Ritz-Carlton Golf Club in Orlando, Florida.

The Woods duo is tied with Bernhard and Jason Langer, as well as Vijay and Qass Singh after all three teams shot a 59 in the scramble format. The two-day 36-hole tournament concludes Sunday.

Heading into the final round with a share of the tournament lead is as significant to Tiger Woods as it is to his 15-year-old son. Woods, who turns 49 this month, has not played more than a handful of events in a given PGA Tour season since a single-car crash in February 2021 nearly cost him his right leg.

Saturday was Woods’ first competitive round since the Open Championship last July, where he missed the cut. He has since undergone another back surgery, and he elected not to play earlier this month in his foundation’s event in the Bahamas, the Hero World Challenge.

The 15-time major champion said there were “moments” when he thought he might not be able to participate in this weekend’s event.

Team Woods matched its second-lowest round in the event after shooting a 57 in the final round in 2021. The duo is competing in the PNC Championship for the fifth time, with its best finish a runner-up result in 2021.

Team Langer matched its lowest round in the event, marking the fifth time the duo has shot a 59. Bernhard Langer is seeking a sixth PNC Championship title while winning three times with son Jason and twice with son Stefan.

Bernhard Langer is tied for the all-time record in victories in the event with Raymond Floyd.

Team Singh matched its lowest round in the event, shooting a 59 for the fourth time. The duo won the tournament title in 2022.

Team Lehman (Tom and Sean) and Team Harrington (Padraig and Paddy) are tied for fourth place at 12-under, one shot ahead of Team O’Meara (Mark and Shaun) and two shots ahead of Team Kuchar (Matt and Carson) and Team Annika (Annika Sorenstam and Will McGee). — Reuters

Butler trade talk

Jimmy Butler seemed to have suffered from a left ankle injury seven minutes and change into the first quarter of the Heat’s homestand against the Thunder the other day. He was obviously ailing during his time on the floor, with his stat line bearing all zeros save for a couple of assists. He would then find himself gone for good from the contest — as well as from yesterday’s set-to — due to what was officially termed an “illness.” Notably, the red and black went zero and two in his absence; without him, they managed to snatch defeat from the throes of victory against the supposedly overmatched Magic yesterday.

How long Butler will be out is anybody’s guess, but he figures to return to action as soon as he can. He put up 35, 19, and 10 in a setback against the lowly Pistons prior to his sidelining, the first triple-double without a single turnover in National Basketball Association history. Never mind that he has been the subject of trade talk since the Heat backed off from any negotiations on a contract extension in the offseason. Even as he could very well be walking away at the end of his 2024-25 campaign, he has vowed to help the cause of his current employers as best as he can all the same.

Make no mistake. The Heat continue to deem Butler a valuable asset despite his demotion in the pecking order. He’s no longer the alpha dog, and he knows it; that role is now Tyler Herro’s to perform, with Bam Adebayo a close second. And, under the circumstances, they’re keen on keeping him only on their terms; they believe reason and reasonableness are theirs to define, which is why hoops circles have begun speculating on his possible change of address. Meanwhile, he insists that he’s all business as usual, and that money is no longer a primary motivator for him.

How the Heat navigate the next one and a half months will determine Butler’s future. While they’re not actively shopping him around, they know well enough to answer calls and do their due diligence. After all, they’re nowhere close to keeping pace with the best of the best in the league, and they’re nothing if not invariably focused on the ultimate prize. If a good deal is in the offing, they will most definitely pounce on it. Else, they would rather stay put and risk his departure; this supposed worst-case scenario will at least yield them salary cap space to mold the roster to their liking. In other words, they’re right where they want to be: mastering their fate, being hostage to none.

 

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.

1...605606607...12,620Page 606 of 12,620
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube