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AyalaLand Logistics to hike capital stock

AYALALAND LOGISTICS Holdings Corp. stockholders on Thursday approved an increase in the company’s authorized capital stock of up to P10 billion to fund its growth plans.

This will be “used as funding source for the company’s expansion projects and growth plans,” Francis M. Montojo, chief finance officer of the company, said during its annual stockholders’ meeting.

This will be done “through the creation of up to P5-billion nonvoting preferred shares with a par value of P1 per share and the increase of common shares from P7.5 billion to P12.5 billion, with a par value of P1 per share,” she also said.

The company’s existing authorized capital stock is P7.5 billion, divided into 7.5 billion common shares, with a par value of P1 per share.

The stockholders also approved the delegation to the board of directors of the final terms of the issuance of the shares and the features of the preferred shares, the implementation of the proposed increase in authorized capital stock, and the creation of the preferred shares.

The company saw its attributable net income for 2021 increase 10.98% to P799.97 million from P702.81 million a year earlier.

Its total revenues reached P4.30 billion, up 15.59% from P3.72 billion in 2020.

The company is aiming to be a “dominant player” in the real estate logistics sector.

It is aiming to expand its presence across the country. It is currently present in Metro Manila, Laguna, Cavite, Batangas, Pampanga, and Laguindingan in Northern Mindanao.

The company has also said it aims to grow its warehouse gross leasable area to 500,000 square meters (sq.m.) by 2025 from its current 224,000 sq.m.

Its core business segments include industrial and logistics hubs, warehousing, cold storage, and data centers.

In 2021, the company acquired Technofreeze, Inc., a cold storage facility located in Laguna Technopark. — Arjay L. Balinbin

CSB battles SSC-R for berth in play-in phase

SAN Sebastian College Stags — SYNERGY/GMA NETWORK, INC.

By Joey Villar

COLLEGE of St. Benilde (CSB) and San Sebastian battle each other on Friday for a spot in the play-in phase of the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym.

The Blazers are out to erase the stigma of a stinging 84-65 defeat at the hands of the Mapua Cardinals on Wednesday that sent the former skidding to fourth from joint third with a 4-3 card while dealing a blow to their play-in bid.

CSB also hopes to get back on its feet against an San Sebastian College-Recoletos (SSC-R) squad that is riding the crest of a 70-64 victory over Jose Rizal University (JRU) — the Stags’ third against four setbacks — on Tuesday.

Game time is at 3 p.m.

The Stags are expected to throw in the zone defense on the Blazers after the latter shot an atrocious 1-of-18 from beyond the arc in their most recent loss.

SSC coach Egay Macaraya is expecting CSB to make an adjustment in its perimeter game though.

“They are very good team, they hustle a lot,” said Mr. Macaraya.

Sweet-shooting big man JM Calma should be the focal point of the Stags’ offense as well as the backbone of their defense after the skipper who is playing his farewell season exploded for a career-high 26 points including five booming triples on top of 11 rebounds.

“I will just do my best to help the team in whatever way I can,” said the 6-5 Mr. Calma.

Meanwhile, Arellano University (2-4) and Lyceum of the Philippines University (LPU) (1-5) fight for dear play-in life as the two tackle each other at 12 p.m.

60% inflation triggers Turkish pay protests

REUTERS

ISTANBUL — For five years, Zahide Sogut asked her bosses at a car parts factory on the industrial fringes of Istanbul for a pay rise. With inflation soaring, they finally agreed, but for Ms. Sogut it was too little, too late.

Earlier this year, she and dozens of her colleagues launched a strike and protests outside the plant as annual inflation topping 60% triggers a slew of demands for higher wages and labor rights among low-paid Turkish workers.

“We’ve learned during this resistance that no one will give us our rights, we have to fight for them,” Ms. Sogut, 30, told the Thomson Reuters Foundation during a protest at Farplas Automotive, her former workplace.

Ms. Sogut and about 150 of her colleagues who had tried to unionize workers at the factory were fired and police were brought in to break up the ensuing protests. The fired workers have been demonstrating outside the factory ever since.

Farplas Automotive did not respond to a request for comment, but the chief executive of its parent company Fark Holding told local media the firm had not interfered in union organizing, and denied the protests were linked to wages or labor rights.

Turkey is ranked among the world’s 10 worst countries for workers by the International Trade Union Confederation (ITUC) citing widespread union-busting, repression of strikes, and arrests and prosecutions of union leaders.

“Otherwise successful unionization drives are prevented by sacking union leaders, relocating them to workplaces hundreds of miles away, or calling in police with pepper spray,” said ITUC Deputy General Secretary Owen Tudor.

The Labor Ministry did not respond to a request for comment. However, workers from couriers to shipbreakers have launched a series of strikes in recent months, in some cases winning rare concessions. At least 108 strikes were staged in January and February — more than the average annual total seen in recent years — according to data gathered by the Labor Studies Community, a group of researchers studying workers’ rights in Turkey.

All but one was considered unauthorized by officials.

“Due to the huge economic precariousness, workers, especially young ones, are interested in new forms of collective action and organizing,” said Isil Erdinc, a researcher on Turkish trade unions and politics who is affiliated with the Sorbonne University in Paris.

Unions have long faced a difficult road in Turkey, where many were shuttered after a 1980 military coup. Legal barriers to enter into a collective bargaining process or declare a strike remain high, and laws on workers’ rights are often poorly enforced, labor advocates say, noting a high level of informality in the workforce.

Only about one in 10 employees are in a union, showed the latest 2019 data from the Organization for Economic Co-operation and Development (OECD), though membership was on the rise. However, much of that growth has been in conservative-leaning unions with ties to the government of President Recep Tayyip Erdogan, said Erdinc.

Following a failed coup in 2016, Erdogan’s government has tightened rules which heavily limit the right to protest. Those rules are often used to prevent strikes, said Alpkan Birelma, an assistant professor at Ozyegin University in Istanbul.

Since 2016, police have intervened in almost one in five labor-related protests, compared to about 5% previously, he said. In one of the most high-profile recent protests, warehouse workers for the supermarket chain Migros were detained by police and then fired from their jobs, drawing public sympathy and calls for a boycott.

Seeking to limit the impact of inflation on workers, the government raised the minimum wage by 50.4% from January, but union confederation Turk-Is said that scarcely put low-paid workers above the hunger threshold. Opposition parties and some economists have cast doubt on official inflation data, suggesting the real figure could be much higher, and polls show Turks believe inflation is higher than official data suggests.

Like Ms. Sogut at the car parts factory, many workers say they decided to protest because pay offers meant to compensate for inflation were insufficient to cover surging living costs. Some of the most prominent protests have been in sectors that gained visibility during the COVID-19 pandemic, from mass walkouts by healthcare workers to noisy street demonstrations by couriers for the major Turkish e-commerce platform Trendyol.

The Trendyol couriers and the workers from the Migros supermarket chain were eventually offered increased wages, and the fired Migros workers were reinstated. “Their gains weren’t huge, we shouldn’t exaggerate them, but labor protests in Turkey aren’t usually that successful,” said Birelma, noting many of the recent strikes were organized by workers themselves or with help from small independent unions.

Turkey’s unions will need to modernize their approach if they are to attract new members on the back of the protesters’ successes, said Huseyin Sevgi, an associate professor of labor economics and industrial relations at Kirklareli University.

They must convince younger workers of their relevance, improve their use of social media and outreach to service-sector workers, he said.

Standing outside the Farplas Automotive factory, fired employee Betul Oral said she and her colleagues had been inspired by the concessions won by other protesting workers. “People were scared to go out on the street (but) seeing that gave us hope,” she said. “The Migros workers won; if we stay standing, others can win as well.” Thomson Reuters Foundation

New Mexico slams Rust movie firm for ‘willful’ safety failure

NEW Mexico on Wednesday fined Rust Movie Productions LLC the maximum amount possible and blasted the company for “willful” safety lapses leading to the fatal shooting of cinematographer Halyna Hutchins last year during the filming of the Western Rust.

An investigation by the state’s worker safety agency, which fined the company $137,000, found that the production firm knew firearm safety procedures were not being followed and demonstrated “plain indifference” to the hazards, the New Mexico Environment Department said in a statement.

“This tragic incident never would have happened if Rust Movie Productions, LLC had followed national film industry standards for firearm safety,” Environment Cabinet Secretary James Kenney said in the news release.

Ms. Hutchins was killed in October when a revolver that actor and producer Alec Baldwin was rehearsing with during filming in New Mexico fired a live round that hit her and movie director Joel Souza. Mr. Souza was wounded but survived.

“While we appreciate OSHA’s time and effort in its investigation, we disagree with its findings and plan to appeal,” Rust Movie Productions spokesman Stefan Friedman said in a statement on Wednesday.

New Mexico’s work safety agency administers the federal Occupational Safety and Health Administration (OSHA) program.

Its six-month probe found that Rust management, including Line Producer Gabrielle Pickle and Unit Production Manager Row Walters, ignored concerns raised by crew members about firearm and pyrotechnic misfires on set.

It said Assistant Director and Safety Coordinator Dave Halls witnessed accidental discharges but took no corrective action.

A Georgia production company 3rd Shift Media, that lists Pickle and Row as employees, did not immediately respond to requests for comment. Mr. Halls’ lawyer did not respond to a request for comment.

The report said Rust management failed to give staff responsible for firearms safety sufficient time to inspect ammunition received to ensure no live rounds were present.

The investigation found that Hannah Gutierrez, who was responsible for firearm safety, was told to focus less on her tasks as set armorer and spend more time helping the props department. When she said actors needed firearm safety training, Ms. Gutierrez was told she would be informed if that was necessary, the report said.

Lawyers for Ms. Gutierrez said in a statement that OSHA had found that she was “not provided adequate time or resources to conduct her job effectively.”

Mr. Baldwin has denied responsibility for Ms. Hutchins’ death and said live rounds should never have been allowed onto the set.

The Santa Fe County Sheriff’s Office and the Santa Fe County District Attorney have ongoing criminal investigations into the death of the cinematographer. — Reuters

MPL Philippines welcomes fans to Season 9 playoffs

MOBILE Legends: Bang Bang Professional League – Philippines (MPL-PHL) will once again welcome fans to watch the MPL-PH Season 9 playoffs and championships live from April 28th to May 1st, 2022. The much-anticipated on-ground event will be held at the Function Hall 3, SMX Convention Center, Pasay, where six teams will vie for the national title.

Fans will be given a chance to score four-day ticket passes by telling why they are the biggest MPL-PH fans and tagging friends they want to bring. Entrants should place their comments on the MPL-PH’s official Facebook post to submit a response.

Eight winners of two general audience tickets and one winner of two VIP tickets will be announced on April 23rd. Participants will be asked to bring valid identification cards (IDs) and proof of vaccination. Antigen tests and temperature checks will be conducted daily by health and security officers. Attendees will also be required to sign a health declaration form upon entry.

“We are excited to finally welcome our fans to the MPL-PH Season 9 Playoffs. We hope to provide our loyal fans with action-packed live matches and a chance to see their favorite teams, while strictly adhering to the health and safety protocols,” said Tonyo Silva, Esports Senior Marketing Manager for the Philippines.

The upcoming event will be packed with exciting segments. Special guests will be invited to be part of the panel and provide insights before the matches. Fans will also witness performances and receive exciting gifts from the league.

Six teams, one national title, two Southeast Asia Cup seats.

The Regular Season of the Mobile Legends: Bang Bang Professional League – Philippines concluded with different outcomes that shocked the community. Surprisingly, previous world champions Bren Esports and Blacklist International crashed out of the playoff contention.

RSG, TNC Pro Team, and ECHO took the top three spots, sequentially. Nexplay EVOS, ONIC, and Smart Omega also made it to the playoffs, with a chance to win the national title. Top two teams will represent the Philippines to the upcoming Mobile Legends: Bang Bang Southeast Asia Cup (MSC) 2022.

The MPL-PH Season 9 is sponsored by Smart as the official telco partner. Smart Communications, Inc. (Smart), the official telco partner of the MPL-PH Season 9, which also serves as the internet provider for the screening of the playoffs to championships. It is a wholly-owned wireless communications and digital services subsidiary of PLDT, Inc., the Philippines’ largest and only integrated telco company.

Smart serves 96% of the country’s population with its combined 2G, 3G, 4G LTE and 5G network, providing mobile communications services, high-speed internet connectivity, and access to digital services and content to over 71.2 million Filipinos (as of Dec. 2021), through its commercial brands Smart and TNT. Smart also offers satellite communication services under the brand Smart World.

This year, official tech partner Samsung has also joined Paymaya as official sponsors. Meanwhile, Secretlab, Gillette, Everest Appliances, and J&T joined the roster of the official esports partners.

SEC warns public vs unauthorized investment firm

THE SECURITIES and Exchange Commission (SEC) flagged YDYS Trading OPC for soliciting investments from the public without a license.

The commission said in an advisory on Wednesday that while YDYS Trading is registered as a One Person Corporation, it is not authorized to solicit investments from the public as it has not secured prior registration or license.

YDYS Trading was only licensed to “engage in, conduct and carry on the business of buying, selling, distributing, marketing on wholesale and retail basis… provided that the corporation shall not solicit, accept or take investments and placements from the public nor shall it issue investment contracts.”

“Thus, the above-quoted specifies that the corporation is prohibited from taking investments and placements as it requires a secondary license,” the regulator said.

The trading firm has been offering investments to the public ranging from P300 to P50,000.

“As posted online, investors earn 35% for a ten-day period; 35% for the next ten days; 35% for the following ten days; and 145% earnings for the next fifteen days for a total of accumulated earnings of 250% in just 45 days,” the SEC said.

The SEC reported that the company operates through various methods, including a direct referral bonus, where an upline recruits another investor and will earn 50% of the package availed by the direct downline.

An upgrade bonus can also be earned when the downline wishes to increase the current value of its package, where the upline earns 50% from the upgraded package. There is also a commission scheme.

“As the above-described schemes involve the sale of securities to the public, the Securities Regulation Code (SRC) requires that these securities should be duly registered and that the concerned corporation and/or its agents have the appropriate registration and/or license to sell such securities to the public,” the SEC said.

Individuals who act as salesmen, brokers, dealers or agents for YDYS Trading in selling or convincing people to invest in the investment scheme may be prosecuted and held criminally liable.

Penalties include a maximum fine of P5 million or 21 years of imprisonment.

“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of YDYS Trading and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the SEC added.

YDYS Trading was reached out for comment through their Facebook page, but has not responded as of press time. — Luisa Maria Jacinta C. Jocson

BPI Q1 income jumps by 60%

BW FILE PHOTO

BANK of the Philippine Islands (BPI) recorded a higher net income in the first three months of 2021 on improved net interest earnings and as it continued to trim its loan loss provisions amid a recovering economy.

The bank’s net profit jumped by 59.6% to P8 billion in the first quarter from a year earlier, it said in a statement on Thursday.

This translated to a return on equity of 11%, while return on assets was at 1.36%.

“The strong performance was attributable to higher net interest income, lower loss provisions, and normalized tax expenses, after last year’s one-time tax adjustments upon effectivity of the CREATE (Corporate Recovery and Tax Incentives for Enterprises Act) law,” BPI said.

Net interest income during the period rose by 12.7% to P19 billion from a year earlier as its net interest margin expanded by 11 basis points to 3.42%.

Meanwhile, non-interest income dropped by 14.5% year on year to P6.4 billion. This was dragged by lower gains from securities trading, service charges, bank commissions, and underwriting fees. The decline was partially offset by foreign exchange trading gains, which increased by more than two times to P702.1 million.

BPI’s total revenues went up 4.3% year on year to P25.4 billion in the January to March period, mainly driven by the rise in the net interest income.

For the first three months of the year, total operating expenses rose by 6.5% to P12.6 billion. BPI attributed this to the broad increase in all cost categories amid higher transaction volumes, amid the economic reopening and relaxed mobility restrictions.

BPI’s cost-to-income ratio was at 49.6% as of end-March.

The lender’s total loans increased 7.1% to P1.5 trillion at the end of the first quarter. This was supported by the growth in corporate (7.7%), mortgage (6.6%), and credit card portfolios (12.2%), which boosted loan volumes.

The bank’s loan loss provisions dropped by 30.6% to P2.5 billion as of end-March from P3.6 billion in the same period of 2021.

These reserves declined as the bank’s nonperforming loan (NPL) ratio improved to 2.38% as of March from 2.49% at end-2021. The NPL coverage ratio stood at 149.6%.

On the funding side, total deposits grew 13.1% year on year to P1.9 trillion. This was driven by current account, savings account (CASA) and time deposits, which rose by 10.9% and 23.3%, respectively.

The bank’s CASA ratio was at 81.0%, while the loan-to-deposit ratio was 77.3%.

BPI’s total assets picked up by 9.88% to P2.4 trillion as of end-March from a year earlier. Total equity stood at P300 billion.

The lender’s common equity Tier 1 ratio was at 16.2%, while capital adequacy ratio stood at 17%. Both are above the regulatory requirements.

The Ayala-led lender’s shares climbed by 20 centavos or 0.20% to P100 each. — Luz Wendy T. Noble

When is the best time to resign?

I’m a department manager at a Japanese company where I spent almost 25 years. My Japanese boss keeps on pushing me to the limit by requiring me to complete many projects at the same time while I’m doing my regular job resulting in an average of ten work hours a day even at home. What’s the cure for all this? Is this the best time to look for another job? – Moon River.

A 10-year old girl from the city was visiting a farm for the first time. She had never seen many animals before. The first time she encountered an animal, she blurted out: “What a strange-looking cow. But why hasn’t she got any horns?”

Her uncle, the farmer, explained: “Well, you see, some cows are born without horns and never have any. Others shed theirs, and some were dehorned. And some breeds aren’t supposed to have horns at all. But the reason this cow hasn’t got any horns is because she’s not a cow. She’s a horse.”

Good advice requires an understanding of context. In your case, that means evaluating your current situation, understanding how it relates to your career goal, and harmonizing them all with your family and health concerns in mind. It’s not easy.

Even if you’ve already decided to resign and find new work, you can expect a lot more emotional distress on your way out. That’s why I’m advising you to take it easy. Think twice to come up with the best possible decision.

No matter how overwhelmed you are by the burdens of your job, resigning is not the best option, unless you’ve exhausted all available remedies. Even if you’ve done something to correct the situation and found the resolution wanting, looking for another job is another challenge that you weigh carefully.

AVAILABLE REMEDIES
If you want to be happy at work, you must take a broader view of your situation, by understanding what you can and cannot change. This means discovering the source of your dissatisfaction at work — which as you’ve said is the heavy volume of work you’re doing. Sometimes, however, it’s easy to jump to conclusions.

Instead of seeing what’s bad about your situation, list down what you can do to help alleviate the situation. Then start exploring the following remedies:

One, revisit the company culture. Most Japanese companies and managers are known for working long hours. You’ve been in that company for 25 years, so you should be first to understand what’s going on. Try to discover if you’re the only one feeling that way.

Two, talk to your boss about your problems. Most Japanese managers believe in horenso which requires you and other managers to regularly report, coordinate, and consult with them. While this mainly focuses on tasks, no one should prevent you from using it to discuss your personal concerns about the job.

Three, offer temporary measures. Discover ways to lighten your work load without necessarily burdening the company with hiring additional workers or buying new equipment. The Japanese are known for their kaizen mindset. Which means they are open to employee ideas, especially if it has something to do with making the job easier, better, faster and of course cheaper in the long term.

Four, challenge the old ways of doing things. The Japanese know the continuous improvement concept so well you may not encounter difficulty in making a proposal in that spirit, as long as your ideas are commonsensical and practical to implement. Remember, Japanese people are reasonable people, but you may need to explain your side of things.

Last, agree on a priority list. You need to be on the same page with your boss on what matters the most at any given time. Emphasize the fact you can’t possibly do all things at once without adversely affecting the quality of work. It’s a matter of doing an extensive horenso to prove your point.

IMPROVE THE SITUATION
There’s a saying “what doesn’t kill you makes you stronger.” In your current situation, knowing what you can change with the approval of your boss is an important step towards a successful career and in solving your concerns. There’s no need to sulk in a corner or think that resigning is the only solution.

Try the abovementioned suggestions to see what works. Your Japanese boss may have to take it easy with you lest your case be interpreted as harassment involving a manager with 25 years of service. Seniority matters to the Japanese. Your issue may be transitory and need not ruin your work life.

Even if you can always leave for another organization, there’s no guarantee that things will be better. You may not like the struggle, but try these options to see if you can make things at least tolerable. And manage what you can control.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Johnny Depp says ex-wife Heard beat him, cost him ‘everything’

Johnny Depp and Amber Heard in a scene from the 2011 film The Rum Diary. — IMDB.COM

ACTOR Johnny Depp, testifying in a defamation case against his former wife Amber Heard, said on Wednesday that she was the one who became violent in their relationship and that her false accusations cost him “nothing less than everything.”

In a second day on the witness stand in a Virginia courtroom, Mr. Depp said the couple had frequent arguments that included “demeaning name calling” and “bullying” by Ms. Heard.

“It seemed like pure hatred for me,” Mr. Depp said. “If I stayed to argue, eventually, I was sure it was going to escalate into violence, and oftentimes it did.”

The Pirates of the Caribbean star, 58, is suing Ms. Heard, 35, for $50 million after she accused him of abuse.

Mr. Depp said it was Ms. Heard who would “strike out” with a slap or shove. During one argument, Ms. Heard threw a vodka bottle at Mr. Depp’s hand, cutting off the top of his right middle finger and exposing bone, he said.

The actor said he felt like he was suffering some kind of breakdown and began writing on the wall with blood from the injury. He said he wrote reminders of “lies” Ms. Heard had told him.

“She has a need for violence. It erupts out of nowhere,” said Mr. Depp.

In a similar legal case in Britain, Ms. Heard denied throwing a bottle and severing Mr. Depp’s finger. She said she threw things only to escape when he was beating her, and once punched him because she feared he would push her sister down a flight of stairs.

On Wednesday, Mr. Depp described an incident in which he said Ms. Heard repeatedly punched him. The actor said he put his arms around her to calm her, and their foreheads touched.

According to Mr. Depp, Ms. Heard accused him of “head butting” her and breaking her nose, returning minutes later with a tissue she said was stained with blood. Mr. Depp said he later retrieved the tissue and found the red stain came from nail polish.

The actor said he would remove himself from heated arguments, sometimes locking himself in a bedroom or bathroom, and never struck Ms. Heard. “My main goal was to retreat,” he said.

Mr. Depp has accused Ms. Heard, also an actor, of defaming him when she penned a Dec. 2018 opinion piece in the Washington Post about being a survivor of domestic abuse.

The article never mentioned Mr. Depp by name, but Mr. Depp lawyer Benjamin Chew told jurors it was clear Ms. Heard was referencing the Hollywood leading man.

Mr. Depp said Ms. Heard’s allegations cost him “nothing less than everything.” A new Pirates movie was put on hold, and Mr. Depp was dropped from the Fantastic Beasts film franchise, a Harry Potter spinoff.

“When the allegations were made, were rapidly circling the globe, telling people I was a drunken, cocaine-fueled menace who beat women —  suddenly in my 50s – it’s over,” he said.

“I lost then,” he added. “No matter the outcome of this trial, I will carry this for the rest of my days.”

Attorneys for Ms. Heard, who just started their cross-examination of Mr. Depp late on Wednesday, have argued that she told the truth and that her opinion was protected free speech under the US Constitution’s First Amendment. In opening arguments, Ms. Heard’s attorneys said Mr. Depp physically and sexually assaulted her while abusing drugs and alcohol.

A state court judge in Fairfax County, Virginia, is overseeing the trial, which is in its second week and is expected to last six weeks.

Less than two years ago, Mr. Depp lost a libel case against The Sun, a British tabloid that labeled him a “wife beater.” A London High Court judge ruled he had repeatedly assaulted Ms. Heard.

Mr. Depp’s lawyers have said they filed the US case in Fairfax County, outside the nation’s capital, because the Washington Post is printed at a facility there. The Washington Post is not a defendant in the case.

Mr. Depp and Ms. Heard, known for her roles in Aquaman and Justice League, were married for roughly two years. Their divorce was finalized in 2017.

Ms. Heard has brought her own libel claim against Mr. Depp, saying he smeared her by calling her a liar. Ms. Heard’s counterclaim, seeking $100 million, will be decided as part of the trial. — Reuters

Ateneo dominates Santo Tomas, 101-51

UNSCATHED defending champion Ateneo shredded Santo Tomas into pieces with a 101-51 annihilation to make it 36 wins in a row in the University Athletic Association of the Philippines (UAAP) Season 84 on Thursday at the Mall of Asia Arena in Pasay City.

Already seeded in the Final Four as early as Tuesday, the high-flying Blue Eagles conquered greater heights this time in a gargantuan 50-point win that further solidified their place on top with a 10-0 card.

Raffy Verano fired 18 markers to lead six players in double figures for the three-time reigning titlist, which scored the largest winning margin in the UAAP since it started the computerization of stats in 2003. It surpassed La Salle’s 43-point drubbing of Santo Tomas, 99-56, in 2016.

It’s also the third highest output for Ateneo under the watch of mentor Tab Baldwin after tallying identical 102 points twice against the same team in 2017 and 2018.

Backstopping Verano were SJ Belangel (16), Geo Chiu (14), Josh Lazaro (12), Dave Ildefonso (11) and Ange Kouame (10) as the four-peat seeking Ateneo bolstered its bid for an automatic finals ticket with only four games to go.

“The difference in the score line has a reflection that our coaching staff really asked for a 40-minute performance. We haven’t given that 40-minute performance yet and today, we came in pretty close to that,” said Mr. Baldwin, whose wards raced to a 22-8 start until leading by as many as 53 points.

Later, Xyrus Torres hit the game-winning trey as Far Eastern University (FEU) completed a comeback and snatched a big win against National U, 59-57, to gain a piece of fourth spot.

Mr. Torres finished with 16 points, Emman Ojuola had an 11-11 double to go with two steals and two blocks for the Tamaraws, who tied the Bulldogs at No. 4 with similar 4-6 cards.

“We’re chasing NU (National University) so we really needed this win. We did not give up especially in the second half,” said coach Olsen Racela as FEU erased a huge 11-point deficit in the fourth quarter to avenge its 73-68 loss in the first round.

John Lloyd Clemente banged in 13 markers in the costly collapse of the Bulldogs as they fell short in solidifying hold of No. 4 seed entering the homestretch of the crucial second round.

Nic Cabañero, meanwhile, was the lone bright spot with 18 points for the Growling Tigers, who missed out on keeping a three-way tie at fourth place with now a 3-7 card.

The Scores:

First Game

Ateneo 101 – Verano 18, Belangel 16, Chiu 14, Lazaro 12, Ildefonso 11, Kouame 10, Koon 9, Andrade 6, Padrigao 5, Mamuyac 0, Tio 0, Gomez 0, Daves 0.

UST 51 – Cabanero 18, Manaytay 9, Fontanilla 8, Manalang 7, Concepcion 5, Yongco 2, Santos 2, Ando 0, Herrera 0, Gomez de Liano 0, Garing 0, Mantua 0, Pangilinan 0.

Quarterscores: 22-8, 46-21, 80-36, 101-51.

Second Game

FEU 59 – Torres 16, Ojuola 11, Sandagon 10, Gonzales 7, Tempra 4, Sleat 3, Abarrientos 3, Bienes 2, Alforque 2, Li 1, Celzo 0, Sajonia 0.

NU 57 – Clemente 13, Ildefonso 9, Joson 8, Minerva 6, Malonzo 5, Felicilda 5, Torres 3, Figueroa 2, Gaye 2, Mahinay 2, Manansala 2, Yu 0, Enriquez 0.

Quarterscores: 14-15, 22-33, 40-49, 59-57.

Toyota to launch all-new Veloz SUV

REUTERS

TOYOTA MOTOR Philippines Corp. (TMP) is set to launch the all-new Veloz on April 29 as part of efforts to expand its sport utility vehicle (SUV) lineup in the country.

TMP said in a statement on Thursday that the Toyota Veloz is a sub-compact SUV that will be marketed to customers searching for a bold and spacious vehicle that “combines confident stylish looks with features and performance that are perfect for adventures.”

The price of the all-new Veloz starts at P1.185 million, while authorized Toyota dealers nationwide will begin accepting reservations on April 23.

Sherwin Chualim, TMP first vice-president for vehicle sales operations, said the introduction of the all-new Veloz “marks another milestone” for the car manufacturer.

“Previously known as the top-grade variant of the Avanza compact multipurpose vehicle range, the Veloz has evolved to become a new standalone brand ready to claim its position as a sub-compact SUV of choice for customers seeking new adventures,” Mr. Chualim said. 

The all-new Veloz will be launched on 11 a.m., April 29 via Toyota’s Facebook and YouTube accounts. — Revin Mikhael D. Ochave

Remittances rise as host economies reopen

OVERSEAS Filipino workers (OFWs) sent home a total of $5.75 billion in the first two months of 2022, based on the latest data from the Bangko Sentral ng Pilipinas (BSP). This reflected a 1.9% growth over the corresponding level last year.

Land-based workers with contracts lasting more than one year comprised the bulk of senders, remitting $2.18 billion in January and February this year. Trailing behind were short-term land-based workers and seafarers, whose combined remittances reached $547 million during the same period in 2021.

OFWs in the United States accounted for the largest share in overall remittances at 41.6%. Year to date, the rest of the top 10 originating countries were Singapore, Saudi Arabia, Japan, United Kingdom, United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia.

These statistics have been validated by the experience of WorldRemit Ltd., a cross-border digital payments service headquartered in London. WorldRemit country director Earl Melivo said: “It’s just a continuation of last year, with the redeployment of OFWs caused by more and more host countries reopening their economies – particularly in the US, where it’s almost normal now.”

The Middle East, where about 60% of OFWs are deployed, was the most adversely affected region when the pandemic hit in 2020. The limited economic activities in other countries had a negative impact on the livelihood of nearly 10 million Filipinos working overseas.

But many of the Gulf states have started accepting OFWs again. There is also a continuing indication globally that major sending countries are opening up their economies and therefore requiring more foreign workers, including Filipinos.

Mr. Melivo estimates an increase of 5-6% in remittances this year on top of the 5.1% growth in 2021. He noted that even in 2020, despite the challenges posed by the severe lockdowns, Asia-Pacific countries such as Singapore, Taiwan, and South Korea increased their market in terms of total volume to the Philippines.

Compared with other recipient countries within the Southeast Asian region, the Philippines tops the list, followed by Indonesia. According to Mr. Melivo, our country is very much resilient because OFWs are sending money home regardless of their situation.

Digital money transfer companies have ensured that there is a continuous improvement in their services during the current pandemic. Traditional players that used to be offline have begun offering online remittance services as well.

For its part, WorldRemit offers one of the lowest costs to its customers – translating to lower fees and more money being sent back home. In the Philippines, it maintains thousands of cash pick-up locations serving far-flung areas and those without stable internet connectivity. It has directly partnered with more than 100 local banks, including the big unibanks, to ensure that its remittance services are reliable.

Aside from the banking system, WorldRemit also send money to mobile wallets that it launched in the first and second quarters or 2020 amidst the strictest lockdowns here. Its e-wallet business is currently the fastest-growing service by volume.

It seems that one of the few advantages arising from the pandemic is the acceleration of digital transformation in many industries. Mr. Melivo believes that the continuous shift toward digital send and receive remittance services will continue, along with other financial services.

With the BSP’s National Retail Payment System (NRPS) in place, financial institutions are reaping the benefits of almost instant transfers to other banks via the Instapay network. In fact, WorldRemit immediately took advantage of the NRPS facility by launching mobile wallet services that are ranked among the top three in the country. “Basically, it’s 24/7 sending to the Philippines because of the technology we have now,” Mr. Melivo shared, noting that fintech players have made a significant contribution to the level of OFW remittances over the past two years.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld. #FinexPhils www.finex.org.ph

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