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Klay Thompson makes season debut vs Cavaliers

REUTERS

KLAY Thompson announced  on Saturday afternoon he will return from a 941-day absence when the Golden State Warriors host the Cleveland Cavaliers on Sunday night.

Nearly 31 months after tearing the ACL in his left knee in Game 6 of the 2019 NBA Finals against the Toronto Raptors, and almost 14 months after suffering a ruptured right Achilles in the lead-up to the 2020-21 season, Thompson has been cleared to rejoin a team that has started this campaign 29-9 without him.

Moments after Saturday’s practice ended and Golden State coach Steve Kerr told the media, “It’s not my announcement or decision to make,” the Warriors tweeted out a statement from Thompson titled “The Wait Is Over.”

It read: “I hate to use the phrase ‘can’t wait’ because I love to be present in my life but I cannot wait to play in front of our fans again. I really, really enjoy being a Warrior.”

Without giving away Thompson’s secret, Kerr noted moments earlier that the 31-year-old would return as a starter, before coyly adding, “When he comes back… it will be one of the most emotional nights of my basketball life.”

Thompson’s last game was June 13, 2019 against Toronto, in a loss that ended Golden State’s bid for a fourth title in five seasons. He has missed the club’s last 175 regular-season games and both 2021 play-in tournament games, with the Warriors not having returned to the playoffs since his knee injury.

His return comes just as the Warriors have been saddled with their first two-game losing streak of the season. They were without Stephen Curry (bruised right quad) and Draymond Green (strained left hip) in a 101-96 loss at New Orleans on Thursday that completed an 0-2 trip. — Reuters

Djokovic begins 4th day in Australian detention as legal hearing looms

WORLD NUMBER ONE NOVAK DJOKOVIC — REUTERS

SYDNEY — Tennis world number one Novak Djokovic on Sunday began his fourth day in immigration detention as Australian authorities finalized a legal defense explaining their decision to cancel his visa over questions about his coronavirus disease 2019 (COVID-19) vaccine exemption.

The Serbian sports superstar was hoping to win his 21st Grand Slam at the Australian Open later this month, but has instead of training been confined to a hotel used to accommodate asylum seekers. He is challenging a decision to cancel his visa after being stopped on arrival at Melbourne Airport early on Thursday.

A vocal opponent of vaccine mandates, Djokovic had declined to reveal his vaccination status or reason for seeking a medical exemption for sidestepping Australia’s vaccine rules. He broke his silence on Saturday by filing a legal challenge saying he was granted an exemption due to contracting — and recovering from — the virus in December.

The Australian government has said its health department notified Australian Open organizing body Tennis Australia last November that a recent COVID-19 infection was not necessarily grounds for exemption in the country, as it was elsewhere. Djokovic’s lawsuit says the Department of Home Affairs wrote to him this month to say he had satisfied the requirements to enter the country.

Australian Health Minister Greg Hunt, asked about the Djokovic furore at a media conference on Sunday, declined to comment since it was before the court, but noted that several other people involved in the tournament had their visas revoked.

Czech player Renata Voráčová, who was detained in the same detention hotel as Djokovic and had her visa revoked after issues with her vaccine exemption, left the country without challenging her status, the Czech Foreign Ministry said.

The Djokovic matter is scheduled to go to a hearing on Monday.

The tennis star’s situation has drawn an unlikely crowd to the Melbourne hotel which, until this month, was best known in Australia for media reports about its asylum seeker occupants claiming they were served food containing maggots.

Anti-vaccine protesters, refugee advocates and Djokovic fans have converged outside the modest building, which is under police guard.

“Djokovic’s detention has got nothing to with rules; it’s got everything to do with political opportunism,” Ian Rintoul, spokesperson for the Refugee Action Coalition, said in a statement, ahead of a planned protest on Sunday.

“Inadvertently, the government’s detention of Djokovic in the Park hotel has put the focus squarely on the systematic abuse of refugees’ rights in Australia’s detention system.”

Serbian Prime Minister Ana Brnabić said the player had been given gluten-free food, tools to exercise and a SIM card to stay in contact with the outside world.

“It’s a positive tone from the Australian side. The Serbian government is ready to provide all the guarantees necessary for Novak to be allowed to enter Australia, the Serbian president is also involved,” Brnabić said. — Reuters

Lukaku on target as Chelsea crushes Chesterfield in FA Cup

LONDON — Romelu Lukaku scored for Chelsea in a 5-1 FA Cup third-round victory over minor league Chesterfield on Saturday — his first goal since upsetting manager Thomas Tuchel in a television interview.

Lukaku struck in the 20th minute to put his side 3-0 up after goals by Timo Werner and Callum Hudson-Odoi had put the European champions in control at Stamford Bridge.

Andreas Christensen made it 4-0 before half time and Hakim Ziyech scored from the spot in the second half before Chesterfield’s traveling fans were rewarded with a consolation goal for Akwasi Asante.

Record signing Lukaku was dropped for last Sunday’s Premier League draw with Liverpool after comments he made in an interview recorded three weeks ago, saying he was not happy with his role at the club and would like to return to Inter Milan.

After holding clear-the-air talks with Tuchel he returned for the League Cup semifinal against Tottenham Hotspur on Wednesday.

Tuchel made several changes to his Chelsea side as he juggled a hectic schedule and coronavirus disease 2019 (COVID-19) infections, giving debuts to keeper Marcus Bettinelli and youngster Lewis Hall.

But his side were still too strong for Chesterfield as Chelsea made it 24 wins in a row in the FA Cup third round.

“I’m happy with the attitude and how we started,” said Tuchel. “We started strong and decided the match very early. This is what we wanted.”

Chesterfield manager James Rowe said Asante’s goal gave the club something special to remember.

“Great to get the goal at the end for us and the supporters and what a proud day to be a Spireite,” he said.

“Half time was about recollecting our thoughts. We focused at half time and drew the second half 1-1.” — Reuters

Vinicius and Benzema shine as Real Madrid thrashes Valencia 4-1

MADRID — Real Madrid strike duo Karim Benzema and Vinicius, Jr. both scored a brace to give the LaLiga leaders a 4-1 home win over Valencia on Saturday, putting them back on track after last weekend’s disappointing loss to Getafe.

Benzema opened the scoring shortly before half time from the penalty spot, his 300th goal in all competitions for Real. He is the fourth player in the club’s history to reach the milestone after Alfredo di Stefano (308), Raul (323) and Cristiano Ronaldo (450).

Fan favorite Vinicius, who missed Real’s last two games after testing positive for coronavirus disease 2019 (COVID-19), came back with a vengeance and scored twice early in the second half.

Goncalo Guedes scored Valencia’s consolation goal in the 76th minute with a header on the rebound after Thibaut Courtois had saved his penalty kick.

Benzema sealed the emphatic win two minutes from the end with a low shot from inside the box.

“It’s an honor and I’m proud to reach 301 goals with Real Madrid because they are the best club in the world,” Benzema told reporters. “We played a great game for ourselves but also for the fans, who deserved it after the loss to Getafe.”

Real Madrid extended their lead at the top of the standings to 49 points from 21 games, eight points ahead of Sevilla who have two games in hand and host Getafe on Sunday.

It took a while for Carlo Ancelotti’s team to warm up on a freezing winter night at Santiago Bernabeu, where the fans are becoming used to gathering between scaffolding as Real Madrid continue the €800 million ($908.72 million) renovation of their home.

After a flat beginning, Real found their rhythm late in the first half as Luka Modric struck a shot that rattled the crossbar from the edge of the box.

The hosts kept pressing until they found the opener after Casemiro fell inside the area when challenged by defender Omar Alderete. Benzema stepped up and rifled the ball into the top right corner beyond Jasper Cillessen.

Real kept up their pace after half time and Vinicius scored twice in nine minutes, first after a beautiful combination with Benzema, clearing two defenders before finishing all alone in the six-yard-box. His second came from tapping in a rebound on the goal line following an effort from Marco Asensio.

Benzema’s goals meant he stayed clear at the top of the scoring charts in LaLiga this season with 17, followed by Vinicius on 12. Together they have scored 29 of Real’s 45 league goals this campaign. — Reuters

Late defensive TD lifts Chiefs past Broncos

NICK Bolton returned a fumble 86 yards for a touchdown (TD) to spark a comeback, and the visiting Kansas City Chiefs beat the Denver Broncos 28-24 on Saturday.

Patrick Mahomes completed 27 of 44 passes for 270 yards, two touchdowns and also ran for 54 yards. Jerick McKinnon and Travis Kelce had touchdown catches and Mecole Hardman had eight receptions for 103 yards for the Chiefs.

Kansas City (12-5) secured at least the No. 2 seed in the AFC with its 13th straight win over Denver and will be the top seed if Tennessee loses at Houston on Sunday.

Drew Lock completed 12 of 24 passes for 162 yards and ran for two scores and Melvin Gordon III ran for 110 yards and a touchdown for the Broncos (7-10), who ended the season with four straight losses.

Denver led 21-20 midway through the fourth and drove to the Kansas City 9-yard line when Melvin Ingram III knocked the ball loose from Gordon. Bolton scooped it up at the 14 and ran it back for a touchdown, and Mahomes ran in the two-point conversion to make it 28-21 with 7:42 left.

The Broncos answered with 31-yard field goal with 4:37 left but never got the ball back after that.

The Chiefs took the early lead when Mahomes finished a 91-yard drive with a 3-yard touchdown pass to Kelce to put Kansas City ahead 7-0.

Denver, aided by a roughing the punter penalty, tied it when Lock scrambled up the middle for a 5-yard touchdown late in the first quarter.

After the Chiefs punted, Denver again marched down the field and took a 14-7 lead when Lock ran 23 yards on a third-and-7 with 7:49 left in the second quarter.

Harrison Butker kicked a 34-yard field goal with 2:18 left in the second to make it 14-10 at half time.

McKinnon gave Kansas City a 17-14 lead in the third with a 14-yard touchdown pass, but Gordon’s 47-yard touchdown put the Broncos ahead 21-17 with 9:02 left in the third.

The teams traded punts before Butker kicked a 51-yard field goal with 14:44 left in the game. — Reuters

Cameron Smith still in driver’s seat at Tournament of Champions

CAMERON Smith of Australia birdied his final four holes Friday to reaffirm his grip on the lead at the second round of the Sentry Tournament of Champions in Kapalua, Hawaii.

Smith carded a 9-under 64 after opening with a 65 on Thursday at the Plantation Course at Kapalua. His one-shot lead after one round grew to a three-stroke advantage over world No. 1 Jon Rahm of Spain and Daniel Berger.

Smith’s 17-under 129 matches the 36-hole record set by South Africa’s Ernie Els in 2003.

It didn’t look like Smith’s day early on. He bogeyed the first two holes and slipped down the leaderboard while other players were shooting low. At the par-5 fifth hole, he chipped in for eagle from just off the green — his second straight day eagling the hole — to get his round on track.

Smith said he didn’t feel comfortable at the driving range while warming up before the round, but he kept his head down.

“There’s no point bashing clubs around and doing all that stuff,” Smith said. “It was definitely frustrating, but kept the head on, and I knew there was plenty of birdies out there seeing everyone go low.”

He finished the day with nine birdies, six of them coming on a bogey-free back nine.

Rahm posted his second bogey-free 66 in a row to move into a tie for second at 14 under. If Rahm finishes the tournament in first or second place, he will fend off Collin Morikawa and maintain his No. 1 spot in the Official World Golf Ranking for another week.

Berger matched Rahm’s 66, eagling the par-5 15th hole while maintaining a clean card. He was paired in a group with Smith for the first two rounds.

“Cameron had a tough start and then he pulled it together on the end of the back nine,” Berger said. “It’s always easy to play with someone when they’re making a ton of birdies and you’re seeing balls go in the hole, and he made every putt he looked at today and I think he’s going to be a tough guy to beat this weekend, but it’s not impossible.”

Patrick Cantlay (bogey-free 67) is alone in fourth place at 13 under. Japan’s Hideki Matsuyama made a push on the back nine with four straight birdies at Nos. 13-16. He carded a 65 and is tied for fifth at 12 under with Sungjae Im of South Korea (67).

The tournament only invites players who won an event in the previous season, and there is no 36-hole cut. Other low scores among the 38-man field Friday included Sam Burns (64), Ireland’s Seamus Power (65) and South Korea’s Si Woo Kim (65), each of whom are tied at 10 under. That seven-way tie also features Brooks Koepka and Xander Schauffele.

Patrick Reed also shot 64 and is at 8-under 138.

Phil Mickelson, who chose to play the event for the first time since 2001, posted a 69 on Friday and could have been lower had he not bogeyed the last two holes. At 6 under, he is in a tie for 30th. — Reuters

Thompson returns

Klay Thompson will be suiting up for a National Basketball Association match for the first time in two and a half years. The set-to won’t be as significant on paper; a regular-season homestand against the middling Cavaliers can’t possibly compare to Game Six of the Finals. That said, it’s no less impactful for the five-time All-Star, and not just because of his ultra-competitive nature. Simply put, he lives and breathes hoops, and can’t wait to get back on the court — or, rather, has waited for so long (perhaps too long) to get back on the court.

For proof of Thompson’s desire to ply his trade anew, casual observers need only turn to his emotional reaction as patrons at the Chase Center called out his name following a late-November victory over the Blazers. For the better part of an hour, he stayed on the bench, a towel draped over his head to hide tears — of both gratitude for his continued acceptance and frustration in the face of his prolonged rehabilitation. Yet, he understood that there would be no shortcuts to convalescence from a torn right Achilles tendon during a workout in November 2020. Never mind that initial prognoses had him returning to action by the start of the 2021-22 campaign.

Again, the good news is that Thompson remains a vital part of the Warriors’ cause. Head coach Steve Kerr deems him among the most important, in fact; not for nothing will he be part of the starting lineup today. As far as the brain trust is concerned, he’s critical to the attainment of the ultimate objective. It’s one thing to be in a virtual tie for the top spot in league standings with more than half the season still to be played, and quite another to possess the roster with talent and experience to withstand any and all comers en route to the championship.

Indeed, Thompson is an all-world, all-time great, and he knows it. He seethed when he failed to crack the NBA’s 75th Anniversary squad, and he will, no doubt, use the slight as motivation to do even better. Which is why it will be foolhardy to bet against him, and against his capacity to be a pillar for the rejuvenated Warriors. They’re all the better with him around, and he may yet be the one weapon they have to be the best of the best.

 

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.

SMDC’s Light 2 Residences keeps you connected

This SMDC development keeps you in the center of what matters

It’s the new year! Priorities are once again set. Often, these priorities involve either time for oneself or time for others- it’s about connection.

Connection is essential to life, especially these days. People are connected by technology, through which they have stayed in touch with friends and family members. It can also mean being able to find meaningful social connections

Connection is also important to the way we live. Staying connected through transport hubs and traveling from one area to another provide security and ease.

Connection can also mean being one with one’s mind, body and soul. It can come through a “me” time that allows one to re-center and refocus on oneself and on the things that truly matter in order to live healthily and happily.

All about having the right connections

At SMDC’s Light 2 Residences in the EDSA-Mandaluyong area, a prime development with a direct connection to the EDSA-Boni MRT-3 Station connecting with the rest of the metro is more convenient because of so many factors. In addition, SMDC Light 2 Residences is proximate to a future station of the planned Mega Manila Subway that will traverse Quezon City to Parañaque, and will provide easy access to the country’s international airports.

The property is minutes away from dining establishments, commercial centers, and businesses in the Ortigas Central Business District. This provides connectivity to economic and lifestyle opportunities within walkable distances that essentially reduce one’s carbon footprint.

Speaking of connections, Light 2 Residences will also be equipped with fiber internet technology. This is so its residents will have quick access to the internet, making the development ideal even for a work from home set-up.

In addition, SMDC’s Light 2 Residences will have its own mall, which will also complement and connect to the already existing Light Mall. As with other SM malls, these structures become hubs for economic activity complete with multiple dining and shopping options available to residents and nearby communities. Family and friends visiting SMDC’s Light 2 Residences will not need to go far to reconnect with their loved ones who live there thanks to the myriad of lifestyle choices offered right outside their door. Once completed, the additional wing of Light Mall will provide more retail experiences to choose from and for people to enjoy.

Connecting actions to a vision

SMDC is committed to fulfilling the vision of the company’s Chairman Henry Sy Jr. to make the Philippines a nation of homeowners by offering attainable master-planned developments across the country to address the aspiration of many Filipinos to live in communities that are safe and secure, and own homes they can be truly proud of.

That vision is embodied in the promise that Light 2 Residences has to offer. Whether it be interpersonal connections, virtual connections or by way of transport hubs and buildings connected with one another, all of that can be found in SMDC’s Light 2 Residences.

As our lives have been changed for the past two years, the dawn of a new year gives us hope that things will indeed change for the better. Connections have never felt more essential and special than they have after the global pandemic struck, people value connectivity in their lives more than ever. Make those connections possible with SMDC’s Light 2 Residences.

For more information about Light 2 Residences, visit www.smdc.com/properties/light-2-residences/.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Unemployment rate falls in November, but job quality worsens

The number of jobless Filipinos dropped in November amid the further relaxation of mobility curbs. -- Photo by Michael Varcas, The Philippine Star

The number of unemployed Filipinos decreased in November as mobility curbs were further relaxed, but job quality continued to worsen with more employed Filipinos still looking for more work. 

The preliminary estimates of the Philippine Statistics Authority’s November round of the labor force survey (LFS) put the unemployment rate at 6.5%, compared with 7.4% in the October round. 

This was the lowest jobless rate since the agency started releasing the report on a monthly basis in 2021. Including the quarterly releases, it was the lowest since the 5.3% recorded in January 2020 at the start of the coronavirus pandemic. 

In absolute terms, there were 3.159 million unemployed Filipinos in November, down from 3.504 million in October.   

The government placed Metro Manila under the more relaxed Alert Level 2 staring November, allowing businesses to increase capacity and removing age-based mobility restrictions as coronavirus disease 2019 (COVID-19) cases fell. 

However, the quality of available jobs worsened as the underemployment rate increased to 16.7% in November from 16.1% in October. This was equivalent to 7.617 million employed Filipinos looking for additional work or longer working hours, from 7.044 million previously. 

The underemployment rate in November was the highest in four months or since 20.9% estimated in July. 

Average work hours slipped to 39.6 hours that month from 39.7 hours in October. 

The size of the labor force was about 48.637 million in November, more than the 47.330 million the month prior. This translated to a labor force participation rate of 64.2% of the working-age population, higher than 62.6% previously. 

Meanwhile, the employment rate stood at 93.5% in November, higher than 92.6% in October. This was equivalent to 45.477 million employed individuals during the period from 43.826 million previously. 

Services sector accounted for 58.1% of total employment in November, higher than the 57.6% share in October. 

Agriculture and industry made up 24.5% (from 24.6%) and 17.4% (from 17.8%) of the total.  

In a statement, the National Economic and Development Authority (NEDA) said the lower unemployment rate in November follows the imposition of more relaxed Alert Level 2 in various parts of the country that allowed more movement and economic activity. 

“Our policies to accelerate vaccination and to shift to the more targeted alert level system with granular lockdowns enabled us to significantly bring down COVID-19 cases and deaths while bringing back more employment,” NEDA Director-General and Socioeconomic Planning Secretary Karl Kendrick T. Chua was quoted in the statement as saying. 

The NEDA chief also said the government is taking a “proactive” step back as it shifted the capital region as well as other parts of the country to Alert Level 3, while ramping up the vaccination program. 

Metro Manila and other areas are currently under Alert Level 3 until Jan. 15 to contain the surge of new COVID-19 infections. This means more mobility restrictions and lower operating capacity up to 30% for some commercial establishments. 

‘DECENT HEADWAY’ 

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the further improvement in the jobless rate reflected the easing of quarantine restrictions in November. 

“Although [November] was the lowest unemployment rate in 2021, underemployment still has persisted, and this tells me that the economic scarring threat is becoming obvious with a lot of MSMEs (micro, small and medium enterprises) affected by the pandemic,” Mr. Asuncion said in an e-mail interview. 

He added the November underemployment print requires the current and the next administration to “respond better to controlling the negative impact of the pandemic and potentially being stuck with an elevated unemployment rate in the medium-term and the lack of quality jobs to go around for everyone.” 

In a note, ING Bank N.V. Manila Branch Senior Economist Nicholas Antonio T. Mapa said that economic reopening helped generate jobs, although job quality was wanting. He noted the looser quarantine restrictions helped companies hire more workers but with shorter shifts. 

While there was “decent headway” in job creation, Mr. Mapa noted the current level of employment is still well below the pre-COVID unemployment average of 5.5%. 

“Within the fourth quarter, it is natural to assume that as one gets closer to the actual holidays, the pace of economic activities — and thus employment — increases, which is the reason for the lower unemployment rate in November,” Ateneo de Manila University Department of Economics Assistant Professor and Economist Geoffrey M. Ducanes said in a separate e-mail interview. 

‘OFF TO BAD START’ 

Economists expect that the increased consumption during the holidays translated to more jobs in December. This year, an Omicron-driven surge will dictate the already pandemic-battered labor market.  

“Hopefully, the Omicron surge will be transitory and infections lower sooner rather than later to expect a better 2022 than initially anticipated,” Mr. Asuncion said. 

“As long as the response to the surge of Omicron will be appropriate and sufficient with everyone cooperating, labor market improvement to pre-pandemic levels will not only be a wish list but rather a near reality,” he added. 

Mr. Ducanes said the year is off to a “bad start,” with the employment situation expected to deteriorate within the next two months. 

The economy and the labor market will not go back to pre-pandemic levels “for a while,” he added. 

“Certainly, per capita Gross Domestic Product (GDP) has been set back by possibly three to four years. The pandemic is also causing fundamental and long-lasting impacts on the labor market, which it will take the workforce and the economy to fully adjust to,” Mr. Ducanes said. 

For Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, labor market recovery could take much longer amid tighter restrictions due to surge in new COVID-19 cases. 

However, he said that the upcoming May elections may provide more job opportunities in the near term. 

“Increased government spending especially on infrastructure to pump-prime the economy and also in preparation for the 2022 presidential elections would also generate more employment/job opportunities for the various infrastructure projects,” Mr. Ricafort said in a note sent to reporters. — Abigail Marie P. Yraola 

Economy to lose P3 billion each week NCR Plus is under Alert Level 3

Health workers process the papers of individuals before they undergo RT-PCR tests at the Rizal Memorial Stadium in Manila, Jan. 4. -- Photo by Michael Varcas, The Philippine Star

By Jenina P. Ibañez, Senior Reporter  

The economy will lose P3 billion a week in productivity contributions due to the shift to the more restrictive Alert Level 3 in Metro Manila and nearby regions, government economic managers said on Friday.  

“We estimate that the shift from Alert level 2 to Alert Level 3 for NCR plus, which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal, will result in a Gross Value Added loss of about P3.0 billion per week,” the Development Budget Coordination Committee (DBCC) said in a joint statement. 

The five areas are under the stricter alert level 3 up to Jan. 15. 

The DBCC said it is monitoring the impact of the surge in coronavirus disease 2019 (COVID-19) cases, especially in the capital region and nearby provinces. 

“While this may delay our goal of shifting to Alert level 1, we believe that this is a temporary setback and is a necessary adjustment in view of the new COVID variant,” economic managers said. 

The daily COVID-19 tally went up to 21,819 cases on Monday for a total active case count of 77,369. The Philippines recorded a total of 43 Omicron variant cases so far. 

The DBCC said the country is in a better position to manage a spike in cases, given the vaccine rollout and increased hospital capacity. 

“We now resort to granular lockdowns; and, from all indications, the Omicron variant results in less severe cases, especially to those who are fully vaccinated.” 

About 50 million Filipinos have been fully vaccinated against COVID-19, which means the government missed its end-2021 target of 54 million. 

The DBCC also said this year’s P5.024-trillion national budget would serve as the country’s main fiscal stimulus. 

“(The budget) was crafted with COVID response and recovery in mind, we expect to accelerate government spending and help the economy bounce back. 

Economic managers said the national budget will prioritize its response to the pandemic. 

“Alongside this, the extended validity of the fiscal year 2021 general appropriations act will serve as an added fiscal stimulus that will support national government agencies and local government units in continuing to accelerate the implementation of COVID-19 recovery measures. 

BUSINESSES AFFECTED  

Meanwhile, Trade Secretary Ramon M. Lopez on Friday said he has received reports that operations of some malls have been affected by the surge in COVID-19 cases. 

“Yes, we have been receiving reports of malls slowing down their operations and reducing their staff due to the more transmittable Omicron variant,” Mr. Lopez told the media in a Viber message on Friday. 

He noted in some commercial establishments, employers are preparing replacements for staff that may have tested positive for COVID-19 or undergoing precautionary isolation. Other companies are allowing employees to work from home. 

“As we know the businesses, they will find ways to temporarily replace sick staff to ensure that operations continue,” he said.  

Philippine Airlines Inc. (PAL) on Friday said in a statement there may be some flight cancellations and changes in flight schedules amid the surge in COVID-19 cases. The flag carrier said many of its frontline staff are unable to go to work. 

Cebu Pacific also said it has canceled some flights until Jan. 10, as it works with regulators and stakeholders to manage the impact of COVID-19 on its workforce. 

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) assured the public that banking services will continue despite the imposition of Alert Level 3 in Metro Manila and other areas.  

“The BSP further reiterates its directive to BSP-supervised financial institutions to strictly observe minimum health protocols to safeguard the safety and well-being of bank personnel and customers,” the central bank said in a statement. 

The BSP urged the public to use e-banking and digital payment services for safer and more efficient financial transactions. — with inputs from M.C.Lucenio 

Philippines borrows $800 million for booster shots

PHILIPPINE STAR/ MICHAEL VARCAS

The Philippines has borrowed $800 million from multilateral lenders to fund the roll out of booster shots of the coronavirus disease 2019 (COVID-19) vaccine, as the country battles a fresh surge in infections.   

Finance Undersecretary Bayani H. Agabin said the government borrowed $250 million each from the Asian Development Bank and the Asian Infrastructure Investment Bank in December.  

Another $300-million loan agreement with the World Bank was also signed last month, the Department of Finance (DoF) said in a press release on Friday.  

“We expect everything, we expect (these loans) to be effective around, towards the latter part of January. So that will give us funds to purchase our COVID-19 booster shots,” Mr. Agabin was quoted as saying in the statement.   

The DoF is waiting for the Justice department’s opinion on the enforcement of agreements already signed with the lenders.  

The government in December cut the waiting time for a booster dose to three months amid the threat from the more transmissible Omicron variant.    

The country has seen a fresh surge in COVID-19 cases in recent days. President Rodrigo R. Duterte on Thursday evening said unvaccinated people will be arrested if they disobey stay-at-home orders.  

About 50 million Filipinos were fully vaccinated against COVID-19 by the end of last year, which means the government missed its 54 million end-2021 target.   

Mr. Agabin said the Customs bureau had cleared shipments of over 200 million COVID-19 vaccine doses from March to December last year. The vaccines delivered during that period could help inoculate 100% of the country’s adult population, along with minors aged 12-17, DoF said.  

The government had borrowed $23.4 billion from external sources to fund its COVID-19 response as of Dec. 7.  

REHABILITATION 

Meanwhile, Mr. Agabin reiterated that the DoF plans to borrow another $120 million from a World Bank credit line to support the government’s rehabilitation efforts in regions devastated by Typhoon Odette.  

The government will draw from the $500-million World Bank credit line for disaster recovery. It borrowed an initial $80 million for its disaster recovery efforts last month.  

Typhoon Odette (international name: Rai) brought heavy rains and destructive winds over central and southern Philippines in December, causing widespread destruction.  — Jenina P. Ibañez  

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