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NBA unveils 2021-22 City Edition team uniforms

THE NBA and Nike just released the 2021-22 Nike NBA City Edition uniforms in line with the league’s celebration of its 75th anniversary. — NBA

IN line with its celebration of its 75th anniversary, the National Basketball Association (NBA) unveiled its 2021-22 Nike NBA City Edition uniforms.

Done in collaboration with Nike, the uniforms will be available for sale beginning Nov. 15 at NBAStore.com, Nike.com and select retailers globally.

This season being a milestone year, the NBA and Nike made sure that each uniform highlights the franchises’ greatest hits through the years in every design while throwing in many subtle touches that underscore pivotal moments from each team’s history.

The Los Angeles Lakers’ uniform, for one, has the shorts incorporating the baby blue from the original championship team in Minneapolis while the primary head-to-toe color is the Lakers purple that emerged in the late ’60s. The belt buckle, meanwhile, includes the “L” logo from the three-peat era of the 2000s.

Brooklyn’s, for its part, marks the team’s path from New York to New Jersey and back again. The argyle side panel is a tribute to the repeat Eastern Conference championships from the ’01-‘02 and ’02-‘03 seasons. The patch on the shorts is a throwback to the ’80s, while the red, white and blue color blocking reaches back to the franchise’s American Basketball Association (ABA) roots. On top of the navy body color, the black space is said to symbolize a team on the rise, poised to leave a new mark on the league.

For defending champion Milwaukee, meanwhile, the uniform features green and Lake Michigan blue from the team’s current uniform sets, side panel blocking from 2001, the neckline from the 2010s, and the number set worn by the team during its second championship in 2021. A remixed waistband logo from 1971 is a callback to skyhooks and triple-double averages.

“The moments included in the Nike NBA City Edition uniforms span across decades and remind fans, old and new, of some of their fondest memories of their favorite teams,” said Christopher Arena, Head of On-Court and Brand Partnerships at the NBA in a statement. “The NBA’s 75th Anniversary season gave us a unique opportunity to work alongside the teams and Nike to bring the league’s rich history to life, showcasing each team’s fandom in a truly special way.”

Apart of the City Edition uniforms, the NBA also released the NBA Diamond Album, which tells the history of the league and each team, showcasing the NBA uniform behind every iconic NBA moment. — Michael Angelo S. Murillo

Canada stuns holder France as Billie Jean King Cup finals kick off

PRAGUE — Canada’s Gabriela Dabrowski and Rebecca Marino won the deciding doubles rubber to help stun defending champions France (2-1) on the opening day of the new-look Billie Jean King Cup finals on Monday.

Formerly called the Fed Cup, the event was renamed last year in honor of American 12-time major winner King and restructured into a “World Cup of tennis” format concluding with 12 nations competing over one week for the title.

Canada were the last of 12 teams to make the cut, replacing previous host Hungary in the draw due to their status as the highest-ranked side to win a playoff tie in April this year.

It was the fifth meeting between the French and Canadians — the first in 28 years — with the holders heading into the Centre Court contest at the O2 arena with a 3-1 head-to-head advantage.

At the start France’s Fiona Ferro, who reached a career-high ranking of 39 earlier this year, clearly looked the superior player in her first meeting against the 353rd-ranked Francoise Abanda, quickly going up by a set and a break.

But Abanda dug deep to take down Ferro (4-6, 6-4, 6-4) for her fifth consecutive win in the competition.

Alize Cornet, the highest ranked French singles player at 59th, managed to stave off the big-hitting Marino (6-4, 7-6(5)) to level the tie at 1-1.

But Marino soon had her revenge as she returned alongside Dabrowski, the world number five in doubles, to beat Cornet and Clara Burel (6-3, 7-6(6)) in the deciding rubber.

With the Russian Tennis Federation, whose entire squad is ranked in the top 50, the third Group A team, France will face an uphill task to make it to the semifinals.

The sides play two group-stage ties to determine the winners of the four three-team groups, who progress to the semifinals.

NOISY FANS
In Belgium’s Group B tie against Belarus, Greet Minnen and Elise Mertens won their singles rubbers to seal the tie in the presence of a sizeable number of Belgian fans, who came with drums, trumpets and other musical instruments on Court One.

Minnen celebrated her debut in the competition with a commanding show, the 24-year-old handing Belgium the first point with a (6-2, 6-2) win over the 263rd-ranked Iryna Shymanovich.

World number 18 Mertens staved off a spirited fightback from Aliaksandra Sasnovich for a (6-2, 4-6, 6-2) win and sealed the tie against the Belarusians, who are missing world number two Aryna Sabalenka and multiple major winner Victoria Azarenka in Prague.

Mertens, winner of three major doubles titles, and Kirsten Flipkens could not make it 3-0 for Belgium in the doubles rubber, however, going down (6-4, 6-3) to Sasnovich and Vera Lapko.

Australia are the third team in Group B.

In the evening session, host Czech Republic, who has won the title six times since 2011, claimed a tough 2-1 win over Group D rival Germany, with Lucie Hradecka and Katerina Siniaková combining to clinch the decisive doubles rubber.

Spain also had to battle to beat Group C rival Slovakia, with Carla Suárez Navarro and Sara Sorribes Tormo fighting off Viktória Kužmová and Tereza Mihalíková in the doubles to claim the tie 2-1. — Reuters

How online stores can gear up for the holiday sales rush 

By Patricia Mirasol 

From reinforcing branded packaging to beefing up product inventories, businesses have started offering Christmas promotions in their online stores.  

EveGrocer, a zero-waste online grocery, is anticipating a surge of demand for its Christmas hams from Giana Deli, Log & Cabin, and Gastronomo. Its other in-demand products, according to CEO Ma. Leonelle de Leon-Sandoval, are its body care gift sets from Green Mama, Amari Organics, Human Nature, Vanity & Queens, and Wasteless PH.  

“This is EveGrocer’s second Christmas holiday,” Ms. Sandoval told BusinessWorld in a Facebook message. “With the support of the Alagang AyalaLand Program (which provides livelihood opportunities to social enterprises), we have quickly scaled [up] to be able to be present in the market this Christmas season.”  

The grocery accepts pre-orders as it does not stock products to ensure their freshness.  

Other online stores like Papemelroti, a stationery and notions shop, and Honest Junk, a healthy snacks shop, are utilizing Christmas packaging to reinforce their branding. The former’s add-on holiday wrapping service features its brand name on gift tags, while the latter has its logo on the Christmas paper bags it’s giving away with every order this holiday.  

To make the most of the year-end shopping season, last-mile delivery service Ninja Van shares these additional tips for online sellers:  

  • Prepare the storefront. From the frontend, keep product descriptions accurate, up-to-date, and detailed. From the backend, ensure that the online shop can handle the increase in traffic. Prioritize website security too, as incidents of hacking can result in a loss of trust in the business.
  • Utilize the data. Take advantage of tools like Google Trends or A Better Lemonade Stand’s Instant Product Evaluator Tool to reveal information such as a product’s strengths and weaknesses, or the business’s top sales channels.
  • Announce promotions. Announce discounts early enough to give customers something to look forward to. Given that the number of social media users in the Philippines is 80.7% of the total population (as per We Are Social’s #Digital2021 report), online sellers can choose to make these announcements on social media platforms like TikTok.
  • Engage customers. Investing in conversational commerce is paramount in the age of digital. Since 44% of Filipino shoppers chat with sellers first before making a purchase, Ninja Van advises creating a Frequently Asked Questions (FAQs) page, as well as automated instant replies, to address queries that come in 24/7.
  • Mind the shipping. Free shipping is a way to win over customers and prevent “abandoned carts.” Delays can mar the customer experience, however — regardless of whether shipping was offered free or not — so Ninja Van also suggests managing expectations by adding a few days’ allowance to the expected delivery date.

EveGrocer, which offers free delivery to Metro Manila and other select locations, has started preparing its in-house fleet to prevent delivery delays this Christmas, Ms. Sandoval told BusinessWorld 

“We have also partnered with iSend, FoodPanda, and Grabmart [to cope with the upcoming holiday demand],” she added.

Facebook denies Kazakh claim of exclusive access to content reporting

REUTERS

ALMATY – Facebook owner Meta Platforms on Tuesday denied a claim by the Kazakh government that it had been granted exclusive access to the social network’s content reporting system.

In what it called a joint statement with Facebook, the Kazakh government had touted the move as a compromise solution on Monday, after the Central Asian nation threatened to block Facebook for millions of local users.

The Nur-Sultan cabinet had said an agreement, which would have been the first of its kind in the post-Soviet region of Central Asia, would streamline the process of removing content deemed illegal by Kazakhstan.

But in an email to Reuters, Ben McConaghy, Meta Platforms director for policy communications in Asia-Pacific, said, “Firstly, we did not issue a joint statement with the Kazakh government – instead, the Kazakh government released their own statement based on discussions we’ve had with them about our global process for requests from governments to restrict content that violates local law.”

He added that the process “is not an exclusive to Kazakhstan and is the same process that governments have around the world”.

The oil-rich nation’s parliament in September started working on a bill that would let the government block social network and messaging apps unless their developers open offices in the country and appoint executives personally responsible for reviewing the authorities’ complaints.

Deputy Aidos Sarym, one of the bill’s developers, said on his Facebook page on Monday that the bill had paved way for talks with tech giants and the authorities were now ready to soften its provisions.

Critics of the bill have accused the authorities of the autocratic nation of 19 million of seeking to gain new censorship tools, while the bill’s authors say it aims to prevent cyber-bullying and the spread of other dangerous content.

The government has said there were at least 3.2 million Facebook users in Kazakhstan. Other Meta Platforms applications such as Instagram and WhatsApp are even more popular.

Facebook has long faced criticism from rights group for being too compliant with government censorship requests.

The service has mostly avoided shutdowns outside of countries such as China, where it has long been blocked, but has faced pressure this year in a number of countries including India, Vietnam and Myanmar. – Reuters

China, Russia revive push to lift U.N. sanctions on North Korea

UNITED NATIONS – China and Russia are pushing the U.N. Security Council to ease sanctions on North Korea by reviving a 2019 attempt to remove a ban on Pyongyang’s exports of statues, seafood and textiles and expanding it to include lifting a refined petroleum imports cap.

In a reworked draft resolution, seen by Reuters on Monday, China and Russia want the 15-member council to remove those sanctions “with the intent of enhancing the livelihood of the civilian population” in the isolated Asian state.

North Korea has been subject to U.N. sanctions since 2006 over its nuclear and ballistic missile programs.

The draft resolution also includes other measures first proposed by Russia and China nearly two years ago, including lifting a ban on North Koreans working abroad and exempting inter-Korean rail and road cooperation projects from sanctions.

Several U.N. diplomats, speaking on condition of anonymity, said the refreshed draft resolution would find little support. In 2019 Russia and China held two informal rounds of talks on the draft resolution, but never formally tabled it for a vote.

Diplomats said on Monday that China and Russia have not yet scheduled any talks on their new draft resolution. A resolution needs nine votes in favor and no vetoes by the United States, France, Britain, Russia or China to pass.

The U.N. missions of Russia and China did not immediately respond to a request for comment on the new text, which diplomats said was circulated to council members on Friday.

“It has been always China‘s will that we should also address the humanitarian dimension caused by the sanctions imposed by the Security Council,” China‘s U.N. Ambassador Zhang Jun told reporters last month, adding again that the 2019 draft resolution “remains on the table.”

 

‘DIFFICULT SITUATION’

A spokesperson for the U.S. mission to the United Nations declined to comment on private council discussions, but added that all U.N. members should be focused on addressing those who are violating the sanctions already in place.

“The Security Council has repeatedly affirmed that it is prepared to modify, suspend, or lift the measures as may be needed in light of the DPRK’s compliance,” the spokesperson said. “Yet the DPRK has taken no steps to comply with the Security Council’s demands regarding its prohibited nuclear and ballistic missile programs.”

North Korea is formally known as the Democratic People’s Republic of Korea.

The U.N. Security Council does already allow for humanitarian exemptions. A U.N. rights investigator last month called for sanctions to be eased as North Korea‘s most vulnerable risk starvation after it slipped deeper into isolation during the COVID-19 pandemic.

The sanctions on industries that Russia and China have proposed lifting previously earned North Korea hundreds of millions of dollars. They were put in place in 2016 and 2017 to try to cut off funding for Pyongyang’s nuclear and missile programs.

North Korea continued developing its nuclear and ballistic missile programs during the first half of 2021 in violation of U.N. sanctions and despite the country’s worsening economic situation, U.N. sanctions monitors reported in August.

The country has long suffered from food insecurity, with observers saying that mismanagement of the economy is exacerbated by sanctions and now the COVID-19 pandemic, which prompted unprecedented border lockdowns there.

The new draft resolution would have the council acknowledge “the difficult situation of economy and livelihood of the DPRK in recent years, underscoring the necessity to respect the legitimate security concerns of the DPRK, and ensure the welfare, inherent dignity, and rights of people in the DPRK.” – Reuters

NASA orders rare medical delay in launch of SpaceX mission to space station

CAPE CANAVERAL, Fla., Nov 1 (Reuters) – NASA announced on Monday a rare, health-related delay in its SpaceX rocket launch of four astronauts to the International Space Station, the second postponement of the mission in a week, citing an unspecified medical issue with one of the crew.

NASA said the issue was “not a medical emergency and not related to COVID-19,” but the space agency declined to elaborate on the nature of the problem or say which astronaut was involved.

The launch, originally set for Sunday but then postponed until this Wednesday because of unsuitable weather conditions, has now been rescheduled for Saturday night, NASA said.

The last time NASA delayed a scheduled launch over a medical issue involving the crew was for a Space Shuttle Atlantis flight in 1990, when mission commander John Creighton fell ill. The countdown was halted for three days until he was cleared to fly, according to NASA.

That delay was followed by two additional weather-related postponements.

The SpaceX-built vehicle set to fly this weekend, consisting of a Crew Dragon capsule perched atop a two-stage Falcon 9 rocket, is now set for liftoff at 11:36 p.m. on Saturday (0336 GMT Sunday) from NASA‘s Kennedy Space Center in Cape Canaveral, Florida.

If all goes smoothly, the three U.S. astronauts and their European Space Agency (ESA) crewmate will arrive 22 hours later and dock with the space station 250 miles (400 km) above the Earth to begin a six-month science mission aboard the orbiting laboratory.

For the time being, the four crew members will remain under routine quarantine at the Cape as they continue launch preparations, NASA said.

Joining the mission‘s three NASA astronauts – flight commander Raja Chari, 44, mission pilot Tom Marshburn, 61, and mission specialist Kayla Barron, 34 – is German astronaut Matthias Maurer, 51, an ESA mission specialist.

Chari, a U.S. Air Force combat jet and test pilot, Barron, a U.S. Navy submarine officer and nuclear engineer, and Maurer, a materials science engineer, are all making their debut spaceflights aboard the Dragon vehicle, dubbed Endurance.

Marshburn, a physician and former NASA flight surgeon, is the most experienced astronaut of the crew, having logged two previous spaceflights and four spacewalks.

Saturday’s liftoff, if successful, would count as the fifth human spaceflight SpaceX has achieved to date, following its inaugural launch in September of a space tourism service that sent the first ever all-civilian crew into orbit.

The latest mission would mark the fourth crew NASA has flown to the space station with SpaceX in 17 months, building on a public-private partnership with the rocket company formed in 2002 by Musk, founder of electric maker Tesla Inc. – Reuters

Over 100 global leaders pledge to end deforestation by 2030

STOCK PHOTO - Pixabay.com

GLASGOW – More than 100 global leaders late on Monday pledged to halt and reverse deforestation and land degradation by the end of the decade, underpinned by $19 billion in public and private funds to invest in protecting and restoring forests.

The joint statement at the COP26 climate talks https://www.reuters.com/business/cop in Glasgow was backed by the leaders of countries including Brazil, Indonesia and the Democratic Republic of Congo, which collectively account for 85% of the world’s forests.

The Glasgow Leaders‘ Declaration on Forest and Land Use will cover forests totaling more than 13 million square miles, according to a statement from the UK prime minister’s office on behalf of the leaders.

“We will have a chance to end humanity’s long history as nature’s conqueror, and instead become its custodian,” said British leader Boris Johnson, calling it an unprecedented agreement.

A slew of additional government and private initiatives were launched on Tuesday to help reach that goal, including billions in pledges for indigenous guardians of the forest and sustainable agriculture.

Forests absorb roughly 30% of carbon dioxide emissions, according to the nonprofit World Resources Institute. The forests take the emissions out of the atmosphere and prevent them from warming the climate.

Yet this natural climate buffer is rapidly disappearing. The world lost 258,000 square kilometers of forest in 2020, according to WRI’s deforestation tracking initiative Global Forest Watch. That is an area larger than the United Kingdom.

Monday’s agreement vastly expands a similar commitment made by 40 countries as part of the 2014 New York Declaration of Forests and goes further than ever before in laying out the resources to reach that goal.

Under the agreement, 12 countries including Britain have pledged to provide 8.75 billion pounds ($12 billion) of public funding between 2021 and 2025 to help developing countries, including in efforts to restore degraded land and tackle wildfires.

At least a further 5.3 billion pounds would be provided by more than 30 private sector investors including Aviva, Schroders and AXA.

The investors, representing $8.7 trillion in assets under management, also pledged to stop investing in activities linked to deforestation by 2025.

Five countries, including the Britain and United States, and a group of global charities on Tuesday also pledged to provide $1.7 billion in financing to support indigenous people’s conservation of forests and to strengthen their land rights.

Environmentalists say that indigenous communities are the best protectors of the forest, often against violent encroachment of loggers and land grabbers.

More than 30 financial institutions with more than $8.7 trillion in assets under management also said they would make “best efforts” to eliminate deforestation related to cattle, palm oil, soy and pulp production by 2025.

COP26 aims to keep alive a target of capping global warming at 1.5 degrees Celsius (2.7 Fahrenheit) above pre-industrial levels. Scientists say forests and so-called nature-based solutions will be vital to reaching that goal.

Woodlands have removed about 760 million tonnes of carbon every year since 2011, offsetting about 8% of carbon dioxide emissions from fossil fuels and cement, according to the Biomass Carbon Monitor project backed by data analytics firm Kayrros and French research institutions.

“Our biosphere is really helping bail us out for the time being, but there is no guarantee those processes will continue,” said Oliver Phillips, an ecologist at the United Kingdom’s University of Leeds. – Reuters

Facebook whistleblower Haugen urges Zuckerberg to step down

REUTERS

LISBON – In her first public address since she leaked a trove of damaging documents about Facebook‘s inner workings, whistleblower Frances Haugen urged her former boss, Mark Zuckerberg, to step down and allow change rather than devoting resources to a rebrand.

“I think it is unlikely the company will change if [Mark Zuckerberg] remains the CEO,” Haugen told a packed arena on Monday at the opening night of the Web Summit, a tech fest drawing dozens of thousands to the Portuguese capital, Lisbon.

The former Facebook product manager replied in the positive to the question of whether Zuckerberg should resign, and added: “Maybe it’s a chance for someone else to take the reins… Facebook would be stronger with someone who was willing to focus on safety.”

The social network, with nearly 3 billion users, changed its name to Meta last week, in a rebrand that focuses on building the “metaverse,” a shared virtual environment that it bets will be the successor to the mobile internet.

But early adopters of the virtual worlds known as the metaverse blasted Facebook‘s rebranding as an attempt to capitalise on growing buzz over a concept it did not create to deflect from recent negative attention.

Commenting on the rebranding, Haugen said it made no sense given the security issues that have yet to be tackled.

“Over and over Facebook chooses expansion and new areas instead of sticking the landing on what they’ve already done,” Haugen told an animated crowd which frequently burst into applause as she spoke.

Facebook‘s announcement came amid strong criticism from lawmakers and regulators over the corporation’s business practices – particularly its enormous market power, algorithmic decisions and the policing of abuses on its services.

The social media network, which operates a dual class share structure through which Zuckerberg and a small group of investors control the company, has hit back saying the documents leaked by Haugen were being used to paint a “false picture.”

Haugen told British and American lawmakers last month that Facebook would fuel more violent unrest worldwide unless it curbed its algorithms which push extreme, divisive content and prey on vulnerable demographics to keep them scrolling.

“A key problem is that the foundation of the platform’s security is based on monitoring content language by language, which does not scale to all the countries where Facebook operates,” Haugen noted. – Reuters

‘Time for action’, Queen Elizabeth tells climate change summit

STOCK IMAGE - Pixabay.com

GLASGOW – Britain’s Queen Elizabeth told the United Nations climate change summit on Monday that “the time for words has now moved to the time for action”, as she urged world leaders to think of future generations when negotiating a deal to limit global warming.

In a video message on the first day of the conference in Scotland, the queen urged leaders to rise above “the politics of the moment” and said the legacy of a successful summit would help “our children’s children”.

The 95-year-old, the world’s oldest and longest-reigning monarch, was due to attend the event in person in Glasgow but pulled out after doctors advised her to rest.

“It is the hope of many that the legacy of this summit – written in history books yet to be printed – will describe you as the leaders who did not pass up the opportunity; and that you answered the call of those future generations,” the queen said.

“The benefits of such actions will not be there to enjoy for all of us here today: we, none of us will live forever. But we are doing this not for ourselves but for our children and our children’s children.”

She paid tribute to her late husband, Prince Philip, who died earlier this year aged 99. She remembered how he had warned an academic gathering in 1969 about the need to tackle the threats from pollution.

“If the world pollution situation is not critical at the moment, it is as certain as anything can be that the situation will become increasingly intolerable within a very short time,” she quoted him as saying.

The queen said she “could not be more proud” that his work had been continued by her two closest heirs, her son Prince Charles and grandson Prince William, who are both attending the summit.

On Monday, the queen was pictured driving by herself around her Windsor Castle estate after she last month cancelled some engagements and spent a night in hospital for an unspecified ailment, her first such overnight stay for years.  – Reuters

Netflix removes spy drama episodes after Philippines’ complaint over China map

MANILA – Netflix Inc has removed two episodes of spy drama “Pine Gap” from its streaming service in the Philippines, after the Southeast Asian country rejected scenes involving a map used by China to assert its claims to the South China Sea.The Philippines on Monday asked Netflix to remove certain episodes of the six-part Australian series, saying the map depicted on the show was a violation of its sovereignty.The second and third episodes of the show were no longer available in the Philippines by late Monday, with Netflix announcing on its platform that those episodes had been “removed by government demand”. It did not elaborate.Netflix did not immediately respond to Reuters’ request for comment.China lays claim to most of the South China Sea waters within the so-called nine-dash line, a U-shaped feature used on Chinese maps. Parts of the resource-rich waters are also contested by the Philippines, Brunei, Malaysia, Taiwan and Vietnam.After a thorough review, the Philippines’ movie classification board has ruled that certain episodes of Pine Gap were “unfit for public exhibition”, the Department of Foreign Affairs (DFA) said in a statement.Earlier this year Netflix removed “Pine Gap” from its services in Vietnam following a similar complaint from the country’s broadcast authorities.The Philippine films board, acting on the DFA’s complaint, handed down its ruling on Sept. 28. It was not clear why the decision was only made public now.The board, according to the DFA, noted that the appearance of the map was “no accident as it was consciously designed and calculated to specifically convey a message that China’s nine-dash line legitimately exists”.The board believes that “such portrayal is a crafty attempt to perpetuate and memorialize in the consciousness of the present generation of viewers and the generations to come the illegal nine-dash line”, the DFA said. — Reuters

[B-SIDE Podcast] Barya lang po sa umaga: coins in a cash-lite society

Coins — they lurk in the nooks and crannies of pockets and bags, refusing to be found when you need them the most.  

But do we really need coins  which can hardly buy anything  in the first place, when experts say that digitalization is pushing us toward a cash-lite society? 

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the Philippines could be “coinless” by 2025.  

In this B-Side episode, Eloisa T. Glindro, Director at the Currency Policy and Integrity Department of the BSP, explains to BusinessWorld reporter Luz Wendy T. Noble the role of small change in our financial system and why we should stop hoarding coins. 

TAKEAWAYS

Coin hoarding can either be illicit or unintentional. 

This October, the BSP urged legislators to pass a measure against coin hoarding after conducting a warehouse raid, together with law enforcement agencies, wherein  P50 million worth of coins were seized in Quezon City. 

“We have of course uncovered some of those who tried to melt them for the metallic composition,” Ms. Glindro said of coin hoarders. 

Meanwhile, there are also people who inadvertently accumulate coins. Multiply these people by several factors, add the illicit hoarders, and the BSP could have an artificial shortage on its hands. The BSP, as the primary caretaker of currency, will need to spend more to produce coins. 

Keeping a piggy bank is not coin hoarding, but your money is better kept at a bank. 

It’s not illegal to keep a piggy bank at home. But the BSP is urging the public to instead deposit the money they have in their piggy banks to financial institutions to ensure better circulation of the currency and prevent damage on the bills and coins.  

Ms. Glindro noted banks offer a basic deposit account which does not have maintaining balance or a dormancy fee. To open an account, one needs an initial deposit of P100 and government IDs (or just the national ID). 

Even though digital transactions gain traction, coins will remain relevant. 

The central bank hopes that 50% of all payments in the country will be done digitally by 2023.  

Consequently, Ms. Glindro expects cash usage to decrease as digital transactions continue to gain traction. However, financial inclusion also means having bills and coins available for those who need them. 

“The journey towards a cash-lite society will be governed by broadening the payment choices available to Filipinos and that is by maintaining a healthy mix of safe … digital payment options alongside consistently good quality, physical currency,” she said.  

  

Recorded remotely on Oct. 18. Produced by Brontë H. LacsamanaPaolo L. Lopez and Sam L. Marcelo.

Gov’t keeps lowered GDP growth goal

THE GOVERNMENT is retaining its lowered gross domestic product (GDP) target for 2021 as it aims for economic growth to breach 5% for the second half as lockdown restrictions are further loosened.

“Definitely, the DBCC (Development Budget Coordination Committee) is holding on to its target as we announced in the last meeting,” Finance Secretary Carlos G. Dominguez III said at a press briefing.

The government in August cut its economic growth target to 4-5% from 6-7% previously to reflect the effect of stricter mobility restrictions declared to curb the Delta-driven surge in coronavirus disease 2019 (COVID-19) cases in Metro Manila.

Since then, the government shifted to a new alert level system to allow more businesses to reopen in areas with low infection rates.

Finance Undersecretary and Chief Economist Gil S. Beltran said at the same briefing that the economy would have to grow by 5% to 5.5% in the second half of the year to reach the full-year target.

“We are now at 3.8% (as of first half), so it should be a little above 5% to be able to meet the higher end of the target,” he said.

The economy grew by 11.8% in the second quarter after falling 3.9% in the first three months of the year. It had exited recession in the second quarter after five straight quarters of decline.

Third-quarter GDP data will be announced on Nov. 9.

International organizations slashed their economic growth projections for the country as the Delta variant outbreak dampened consumer and business confidence.

The International Monetary Fund lowered its 2021 Philippine GDP forecast to 3.2%, from the 5.4% projection set in June. Fitch Ratings downgraded its projection to 4.4% from 5%, while the ASEAN+3 Macroeconomic Research Office cut its forecast to 4.3% from 6.4%.

The National Economic and Development Authority (NEDA) last week said that downgrading Metro Manila’s lockdown restrictions to the less strict Alert Level 2 could add P3.6 billion to the economy and 16,000 jobs each week. Lower alert levels allow for more mobility and business activity.

If moved further to Alert Level 1, another P10.3 billion would be added to the economy, along with 43,000 jobs each week, NEDA said.

“More and more people are living with the virus from the pandemic to endemic mode. And we think this is a very good opportunity to further open the economy, accept the virus as a part and parcel of our lives, and treat it like a flu that will come once in a while,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said last week.

“The far majority have proven that they can live with the virus and stay safe, and contribute to the economy.”

Metro Manila will remain under the stricter Alert Level 3 until Nov. 14 to avoid a surge in COVID-19 cases.

The government is targeting to fully vaccinate 70 million by end-2021.

Around 26.8 million or 25% of the Philippine population has been fully vaccinated against the virus, the Johns Hopkins University tracker showed. — Jenina P. Ibañez