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MB 2024 foreign borrowing approvals decline 5.56%

MONETARY BOARD (MB) approvals for public-sector foreign borrowing declined in 2024 amid a dearth of program and project loans, the Bangko Sentral ng Pilipinas (BSP) said.

The central bank said in a statement that approved public-sector foreign borrowing amounted to $13.68 billion last year, down 5.56%, across 21 approved applications.

The approvals consisted of 11 project loans amounting to $5.32 billion, two bond issues ($4.5 billion) and eight program loans ($3.86 billion).

The BSP said the decline in program and project loans offset the rise in bond issues.

Program loans fell 20% to $3.86 billion in 2024. Meanwhile, project loans were down 6.2% to $5.32 billion.

On the other hand, global bond offerings rose 12.5% to $4.5 billion.

In the fourth quarter, the MB approved six medium-to-long-term foreign borrowings worth $3.21 billion, down 3.35% year on year.

“The 2024 borrowings will fund the National Government’s general financing requirements ($4.50 billion or 32.89%); infrastructure projects, including transportation ($4.35 billion or 31.79%);  economic recovery and development through policy reforms, environmental protection and climate resilience projects and programs ($2.98 billion or 21.79%),” it said.

Borrowing will also finance education and healthcare projects and programs ($1.36 billion or 9.94%) and agrarian reform and maritime safety projects ($490 million or 3.59%).

Under the constitution, the Monetary Board is required to approve any foreign loan agreements entered into by the National Government.

The BSP must also approve in principle any foreign borrowing proposals by the National Government, government agencies and government financial institutions before actual negotiations.

“The Bangko Sentral ng Pilipinas promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability,” it added. — Luisa Maria Jacinta C. Jocson

WEF could be tapped to improve PHL workforce resilience — DTI

REUTERS

THE Department of Trade and Industry (DTI) said it is exploring a partnership with the World Economic Forum (WEF) to advance job creation and workforce resilience in the Philippines.

In a statement over the weekend, the DTI said the potential partnership is intended to “unlock new opportunities and empower the workforce to excel in a rapidly evolving economic landscape.”

Trade Secretary Maria Cristina A. Roque met with WEF Head of Work Wages and Job Creation Till Leopold on the sidelines of the WEF 2025 in Davos, Switzerland, to discuss the priorities of the Jobs Accelerator initiative.

“The meeting also reaffirmed the continuation of cooperation for the Jobs Accelerator Network Initiative between the WEF and the Philippine government, leveraging this partnership to drive growth in key sectors such as semiconductors and electronics, business process outsourcing, and critical minerals,” the DTI said.

“This collaboration holds the promise of a brighter future for the Philippines, where innovative solutions and strategic partnerships pave the way for a future-ready Philippine workforce,” it added.

The DTI, in separate statements, also said it has invited several firms to expand their presence in the Philippines.

Among these firms is company PayPal, with which Ms. Roque discussed possible collaboration in expanding digital financial inclusion of micro, small  and medium enterprises (MSMEs).

“The discussion also centered on advancements in financial inclusion, increased MSME transaction volumes, strategic directions in artificial intelligence and sustainability, and the creation of a division for small businesses,” the DTI said.

“They also addressed solutions for payment efficiency, currency conversion, and international market access, along with trade finance options and B2B marketplace collaborations,” it added.

Ms. Roque also explored investment opportunities in logistics and sustainability in a meeting with A.P. Moller-Maersk.

During the meeting, the parties discussed potential public-private partnerships in port development in the Visayas and Mindanao.

“With Maersk’s expansion of fulfillment centers and marine infrastructure, the Philippines stands ready to support their growth with world-class talent and strategic incentives,” Ms. Roque said.

She also discussed with tech firm Cognizant the company’s plan to expand operations in the Philippines, with AstraZeneca on expanding the company’s clinical trials in the Philippines, and with Shein on establishing manufacturing operations in the country.

In a separate statement, the DTI said that it has invited Malaysian companies, particularly in the electrical and electronics and semiconductor industries, to expand in the Philippines.

In an official visit earlier in the month, the DTI said that Trade Undersecretary Ceferino S. Rodolfo met with the Malaysian International Chamber of Commerce and Industry (MICCI) to explore new opportunities between the Philippines and Malaysia.

Aside from MICCI officials, the meeting was attended by officials of RBC Water Sdn. Bhd. and Rohas-Euco Industries Bhd. 

“Our visit to MICCI is a great opportunity to connect with Malaysian businesses and explore ways we can grow together. The Philippines offers a dynamic and competitive environment for investment, particularly in sectors like electronics, semiconductors, manufacturing, and construction,” Mr. Rodolfo said.

“We’re excited to invite Malaysian companies to see this potential firsthand through initiatives like the 2025 Investment Mission to the Philippines. Strengthening these partnerships goes beyond numbers; it’s about creating shared opportunities, fostering innovation, and building lasting connections that benefit both our economies,” he added.

According to the DTI, Rohas-Euco Industries is exploring opportunities in transmission tower projects in the Philippines. — Justine Irish D. Tabile

ESCAP projects PHL exports to expand by 7.9% in 2025

ICTSI

PHILIPPINE MERCHANDISE export growth is expected to accelerate to 7.9% in 2025 even in the face of looming trade barriers.

According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), merchandise imports are expected to grow 7.9%, against the 2.9% posted in 2024.

The baseline projection for the Philippines is to post the fifth-highest growth in the Asia-Pacific Region, behind Vietnam (16.1%), Japan (9%), Bangladesh (8.6%), and New Zealand (8%).

Average growth of merchandise exports in the Asia-Pacific is seen at 3.5% in 2025.

“It is important to note that these baseline projections for Asia-Pacific trade growth in 2025 remain highly uncertain, ESCAP said in a report released on Dec. 25.

“A slower-than-expected recovery in major economies, including China, coupled with the increasing prevalence of protectionist policies could significantly hinder the region’s economic and trade performance.”

On top of this, the “potential imposition of substantial and unpredictable tariff barriers” by the US, along with possible retaliatory measures, present additional risks to economic and merchandise trade growth.

Meanwhile, Philippine merchandise imports are forecast to rise 2.3% this year, against 8.3% in 2024.

Separately, Aladdin D. Rillo, managing director for Policy Design and Operations for the Economic Research Institute for ASEAN and East Asia said increasing economic interdependence makes it more challenging for the Association of Southeast Asian Nations (ASEAN) to deal with global uncertainties.

“I think definitely all these uncertainties in the global economy, all these issues related to fragmentation and recovering will definitely impact any countries in the world, including the Philippines,” Mr. Rillo said.

He also said that global economic fragmentation will be costly, which could cause the economy to decline by 7% amounting to around $7.6 trillion.

Asked about non-tariff barriers, he said they are expected to persist.

According to the Department of Trade and Industry, non-tariff barriers include rules that dictate how a product can be manufactured, handled, or advertised, guidelines that require proof of which country goods were produced in, and setting a limit on the amount of a certain product that can be sold in a market.

He again credited this to increased economic integration.

“Therefore, it’s now up to countries to be able to commit themselves in terms of developing the right environment, and the right policies,” he said, and producing favorable results.

Meanwhile, Mr. Rillo commended the Regional Comprehensive Economic Partnership — a free trade agreement between 16 countries.

It provides a framework aimed at lowering trade barriers and securing improved market access for goods and services for businesses in the region.

He called it a “game changer” that introduces different trade rules that will help companies and countries integrate more, and take advantage of the benefits of greater trade and investment.

The Philippines’ full-year trade balance — the difference between the values of exports and imports — grew by 3.1% year on year to a $54.21-billion deficit in 2024 from the $52.59-billion gap a year earlier, according to preliminary data from the  Philippine Statistics Authority. — Aubrey Rose A. Inosante

AI and taxes: A new era of efficiency and innovation

IN BRIEF:

• From streamlining communications with taxpayers to leveraging AI for high-impact decision-making, AI can revolutionize the Philippines tax landscape.

• Automation in tax processes, aided by bots, has been introduced to streamline routine tasks such as collating voluminous data from systems for tax return preparation.

• Although AI is set to usher in more efficient tax administration and effective tax policy and planning, it also comes with its own set of challenges and risks.

Artificial intelligence (AI) comes up as a common topic in formal conversations at work and informal talks with friends, family members, and even conversations with strangers. It is also rapidly being integrated into various aspects of business operations, including tax.

From streamlining communications with taxpayers to aiding high-impact decision-making, AI can revolutionize the Philippines tax landscape. This article will dive into what AI has already transformed — and has yet to transform — with respect to how tax is practiced and how tax will be administered.

AI IN TAX ADMINISTRATION
In 2023, the Organisation for Economic Co-operation and Development (OECD) found that more than 80% of tax administrations report using or implementing AI for future use of leading-edge technology. This is also mirrored globally, with CEOs increasingly embracing AI. According to a survey conducted by EY involving 1,200 CEOs worldwide, 43% have fully integrated AI-driven products and services and are actively investing in them, while another 45% plan to do so within the next 12 months.

In the Philippines, the Bureau of Internal Revenue (BIR) has introduced AI advancements such as the AI-driven chatbot Revie. Revie serves as an Interactive Taxpayer Assistant, addressing general inquiries, finding RDOs, and handling Taxpayer Identification Number (TIN) inquiries, eComplaints, and eAppointments. This innovation allows taxpayers to quickly access information that previously required visiting the BIR tax office or enduring long queues for appointments. This technology application leads to an enhanced taxpayer experience and makes tax information accessible to all 24/7 without imposing an additional burden to current BIR personnel.

AI is not only being utilized by the BIR but is also adopted by taxpayers. Automation in tax processes, aided by bots, has been introduced to streamline routine tasks such as collating voluminous data from systems for tax return preparation. This automation saves time, improves efficiency by reducing human error, and allows taxpayers to focus their resources on utilizing available information to produce better insights for decision-making and planning.

AI IN TAX POLICY AND PLANNING
With the ongoing Digital Transformation (DX) Program of the BIR, it is expected that the data obtained from taxpayer filings and remittances will be utilized to optimize reporting and analytics. With the continuous accumulation of data, the BIR will also create a data warehouse aimed at viewing taxpayers holistically which may change how tax policy is crafted in the future.

Moreover, to align with future international standards, the BIR is expected to further utilize AI to maximize the data collected from taxpayers, thereby making more informed tax policy decisions.

CHALLENGES AND RISKS
AI holds great potential, and with proper attention and caution, it can be a futurist tool. It is set to usher in more efficient tax administration and effective tax policy and planning, leading to better service to taxpayers and better compliance with tax law. However, it also comes with its own set of challenges and risks.

DATA PRIVACY AND SECURITY
AI is only as good as the data used, highlighting the need to address concerns about potential data breaches. Sensitive taxpayer information must be secured against being leaked to the public or, worse yet, used to commit cybercrimes. Both businesses and tax authorities employing AI must implement proper measures to ensure the data are thoroughly protected and the management of such data complies with the applicable laws and regulations.

TRANSPARENCY AND ACCOUNTABILITY
Transparency and accountability in an AI-driven tax system will be necessary to foster taxpayer confidence in the adoption of these technologies. AI-driven tax systems can provide improved fairness and efficiency by addressing bias, ensuring transparency, and enforcing accountability, benefiting taxpayers as well as tax authorities.

TECHNOLOGICAL AND IMPLEMENTATION CHALLENGES
There is a significant challenge in blending our existing tax infrastructure, either with businesses or the present framework of the BIR, with contemporary AI technologies. There are several important issues that need to be confronted:

System viability: Integrating AI into established tax programs and data may need extensive revisions to current systems and will incur further costs.

Data integration: Data integration can be a difficult process because data come from multiple sources and are not always standardized. This necessitates extensive data cleaning and standardization.

Scalability: AI solutions need to be scalable in order to handle the expanding volume of tax data and the increasing complexity of tax regulations.

These are just some things that must be considered as AI starts to impact the tax landscape.

TRANSFORMING BUSINESSES AND THE TAX FUNCTION
Thanks to rapid advances in AI technology, the tax function has changed considerably and continues to evolve. At least a dozen advancements in AI have the potential to transform the way taxes are done by delivering new solutions to improve efficiency, accuracy, and compliance.

With the use of Generative AI, there are greater potential opportunities and capabilities to develop more transformative AI applications, as large language models are powered by advanced machine learning models that can comprehend and produce human language. This, in turn, allows taxpayers to build a better tax function that is intelligent and generates value and insights for the company.

AI is here to stay and is poised to transform the tax function, to adapt with the expected changes in the tax administration, and policy making. This presents both a challenge and an opportunity for tax professionals, who need to embrace this technological advancement to enhance efficiency, accuracy, and strategic capabilities, ultimately driving better and insightful outputs to keep up with this evolution.

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

 

Danielle Irma D. Arellano and Jan Kriezl M. Catipay are tax senior managers of SGV & Co.

Asian Tour debutant Sale wins Smart Infinity Philippine Open

FRANCE’S JULIEN SALE — ASIANTOUR.COM

CARMONA, Cavite — More than 11,000 kilometers away from home, in a country he’s never been before, Julien Sale of France finally achieved the breakthrough that had eluded him over the last two years.

Saving his best for last, Mr. Sale bombed away with a five-under 65 as he stole the thunder from pacesetters, title favorites and late-charging Pinoys Miguel Tabuena and Aidric Chan and won the Smart Infinity Philippine Open on Sunday.

The Asian Tour debutant based in the French west coast laid the groundwork to this glorious coronation by gunning down five birdies in the first 12 holes of the Manila Southwoods’ tough Masters course.

When the dust of battle settled, the 27-year-old Mr. Sale carried an 11-under 269 card, edging Thai Sadom Kaewkanjana, the pacesetter in the first two rounds, and Japanese Tomoyo Ikemura, the Round 3 leader, by one.

“I won as an amateur but since I turned pro two years ago, I’ve never won, so this is my first time,” said Mr. Sale, who decided to try his luck in Asia after an unproductive campaign in the European Tour.

The milestone, worth a whopping $90,000 (around P5.24 million), opened many doors for the Frenchman barely a month after earning his ticket out of the Asian Tour Qualifying School.

“This helps me a lot. I needed to make Top 5 at least (here) to make it to next week’s International Series in India under the winner categories. So now I’m going to India and then I’ll be able to play every single event whereas before this week, I didn’t know exactly which one I can get in,” he said.

Messrs. Kaewkanjana and Ikemura had a chance to force a playoff after Mr. Sale dropped a shot on the par-5 18th. But they fell short of tying it with an eagle on the final hole, each managing a birdie there to settle for joint second and $43,250 each (P2.5 million) ahead of solo fourth placer Kevin Yuan of Australia, who logged 272 after a 68 and earned $25,000 (P1.45 million).

Two-time Open winner Mr. Tabuena unleashed a spirited rally but his ending 66 only got him to 273  — four off Mr. Sale’s winning mark for joint fifth. He banked $17,133.33 (P998,000).

“I felt I played pretty solid considering my four-over start, said Mr. Tabuena, whose first-day 74 put him in danger of missing the halfway cut.

“It’s still a good week. If you’re Top 10 for the week after a risk of probably missing the cut in the first day, it’s a good fightback and I’m really proud.”

Mr. Chan matched the 66 of his flightmate Mr. Tabuena to finish at 274 for a share of eighth worth $9,870 (P574,000).

“I did well. Towards the end I just didn’t have a lot of putts fall but I was hitting the ball really good today. Playing with ‘Kuya Miguel’ kind of helped me push myself,” said Mr. Chan. — Olmin Leyba

McCullough powers SGA to 2-0 start in Dubai basketball tilt

CHRIS MCCULLOUGH — FACEBOOK/DIBC

STRONG Group Athletics (SGA) raced to a 2-0 start while Zamboanga Valientes stumbled in its debut in the 34th Dubai International Basketball Championship over the weekend at the Al Nasr Club.

SGA, led by Chris McCullough once again, drubbed host team Al Nasr, 99-87, to claim a solo lead in Group A as the Valientes bowed to Sharjah SC, also from the United Arab Emirates (UAE), in a 97-82 defeat.

The former PBA champion import Mr. McCullough tallied 31 points, nine rebounds, three assists and a block in only 30 minutes of play to follow up his 28-point game in the UAE’s 99-91 debut win over the UAE national team.

Local aces Mikey Williams and Dave Ildefonso added 16 and 13 points, respectively, to back him up this time around after the solid coverage of American imports DeMarcus Cousins and Malachi Richardson in the first game.

Mr. Cousins, the former NBA All-Star, and Mr. Richardson, had 24 and 21 points, respectively, against the UAE. This time, they had eight each against Al Nasr.

Jason Brickman and Rhenz Abando chipped in seven points apiece as SGA ran away in the middle quarters to lead by as many as 27 points for the win.

Harat Mohammed (34) and Marvelle Haris (30) paced Al Nasr, which dropped to 0-2 after a 99-81 loss to Lebanon’s Beirut First.

Meanwhile, Sam Deguara had 16 points and 11 rebounds as Zamboanga wasted an early 15-point lead against Sharjah SC for a flat opening campaign in Group B.

Mike Tolomioa (14), Adonis Thomas (13), Forthsky Padrigao (13) and Prince Caperal (11) also contributed in a losing effort for the second Philippine contingent.

Nicholas West (30) and Dequan Jones (29) led the way for Sharjah SC, which avenged its 86-79 loss to Lebanon’s Sagesse for a 1-1 slate. — John Bryan Ulanday

Siniakova, Townsend claim Australian Open women’s doubles crown

MELBOURNE — Top seeds Katerina Siniakova and Taylor Townsend claimed the women’s doubles crown at the Australian Open on Sunday after beating Jelena Ostapenko and Hsieh Su-wei 6-2, 6-7(4), 6-3 in a grueling final.

The victory at Rod Laver Arena gave Siniakova and Townsend their second Grand Slam title after their Wimbledon triumph last year while it was the 10th major title for Czech Siniakova, the doubles world number one.

“Big thanks goes to Taylor, we are having fun and that’s the most important, so thank you for playing with me. I’m really enjoying it,” Siniakova said after lifting the trophy with her American partner.

For Townsend, the win was a full-circle moment in her career after she won the title as a junior in Melbourne in 2012.

“This is super special to me, the last time I played on this court I was 15,” she said.

“This tournament was the start of me being able to live out my dream. I honestly didn’t think that it was possible for me to be playing on this stage.”

Siniakova and Townsend had several opportunities to break early on and finally converted a break point to go 2-1 up as Hsieh and Ostapenko struggled with their serve.

The third seeds quickly found themselves 5-1 down as Siniakova and Townsend consolidated a double break before the American sealed the set with an emphatic volley at the net.

After they traded early breaks in the second set, Townsend was once again effective at the net with an overhead smash that gave them a 4-3 lead before Siniakova held her serve to put them one game away from the title.

But Ostapenko and Hsieh, playing in just their second tournament as a pairing, broke back in the 10th game when Townsend served for the title.

A frustrated Siniakova threw her racket on the ground before the third seeds won the tiebreak and forced a decider. The Czech then lost her composure and was broken in the first game of the third set with three double faults.

But they quickly regrouped to break back and Siniakova converted a crucial break point to go 5-3 up.

This time, Siniakova served for the title, and despite another double fault with three championship points, they sealed victory when Townsend fired a volley at the net down the middle to win in two hours and 27 minutes.

“I think for our second tournament, playing a Grand Slam final is not bad,” Ostapenko said.

“Together, I hope there are many more trophies for us.” — Reuters

Liverpool and Arsenal both win as Nottingham Forest thrashed by Bournemouth

LIVERPOOL, England — Liverpool and Arsenal kept up their race for the Premier League title with victories over relegation-threatened opposition on Saturday, but the charge of third-placed Nottingham Forest faltered as they were hammered 5-0 by surging Bournemouth.

Liverpool cruised to a 4-1 win over Ipswich Town while Arsenal overcame the loss of defender Myles Lewis-Skelly to a harsh straight red card to beat Wolverhampton Wanderers 1-0.

Six points clear of the Gunners on 53 points, Liverpool came roaring out of the traps at Anfield with Cody Gakpo scoring one goal and creating another for Mohamed Salah to send his side in 3-0 up at the break.

Gakpo netted a second in the 66th minute as Ipswich wilted, and though they managed to pull a late goal back through Jacob Greaves, the Reds held on for a convincing victory.

“Everyone is in good form but we have to keep going,” Gakpo told the BBC, quickly putting aside an excellent performance that added three more points to their total.

Arsenal had to work a lot harder for their victory after Lewis-Skelly was sent off in the first half of their clash with Wolves, but substitute Riccardo Calafiori grabbed the winner with a superb half-volley in the 74th minute.

“It was clearly not a red card. I saw him (Lewis-Skelly) at halftime and he was so disappointed for the team, but in the end we won, so nothing happened,” Calafiori told Sky Sports.

Nottingham Forest had won plenty of plaudits during their recent eight-game unbeaten run in the league, but it came to a shuddering halt away to Bournemouth as Dango Ouattara grabbed a hat-trick en route to a 5-0 win for Andoni Iraola’s side.

Bournemouth’s 11-game unbeaten run has seen them rise to seventh in the table on 40 points, four behind Forest.

“It’s always difficult when you are in the Premier League, you are facing the best teams in the country. The players are giving everything and they are getting good results,” Iraola told the BBC.

“There will be a moment when we do not do this, (but) I think the supporters understand this and they enjoy not only when we win, but all they ask is we give everything, and that’s what we try to do,” he added.

Manchester City conceded an early goal to Chelsea but came back to beat the Londoners 3-1 to move to fourth place in the table on 41 points, three behind Forest.

Defender Josko Gvardiol leveled for the home side before the break, with Erling Haaland scoring midway through the second half and then creating a goal for Phil Foden to wrap up the victory in Saturday’s late kick-off.

“I think it was overall a great performance, even though we started horrific. It was a fantastic team performance and I am really happy,” Haaland said.

Newcastle United, beaten 4-1 by Bournemouth last week, bounced back with a 3-1 win at Southampton, with Swedish striker Alexander Isak netting two first-half goals for the visitors after Jan Bednarek gave the Saints the lead in the 10th minute.

Southampton remain bottom of the table on six points. They are eight points behind 19th placed Leicester City. Ipswich are 18th with 16 points, behind Wolves on goal difference.

New Everton boss David Moyes celebrated his 700th Premier League game as a manager by steering his side to a 1-0 victory away to Brighton & Hove Albion, putting some daylight between his side and the rest of the relegation candidates as they moved up to 16th spot on 23 points. — Reuters

Thompson helps Rockets complete sweep of Cavaliers

AMEN THOMPSON came up with critical late rebounds and points as part of his triple-double performance, and the visiting Houston Rockets completed the regular-season sweep of the Cleveland Cavaliers with a 135-131 decision on Saturday.

Houston never trailed after taking the lead midway through the first quarter, but Cleveland chipped away at a deficit of as many as 19 points to force a tie with 1:51 remaining in regulation.

Alperen Sengun, who matched Jalen Green with a team-high 26 points, got to the free-throw line with the score knotted. After making the first foul shot, his second came off the rim but a mass of Cavaliers chasing the rebound could not keep it inbounds.

After Sengun missed a shot in the key, Thompson was there to clean it up with a putback dunk that pushed the Rockets lead to three points.

Erupting to score 25 of his 33 points in the second half, Donovan Mitchell drew a foul while attempting a 3-pointer on the ensuing possession but missed the front end of his three free-throw attempts.

Thompson got into the paint the next time down with Houston holding a narrow 127-126 lead and forced a foul on Evan Mobley. Thompson’s foul shots effectively put the game away, as Cleveland was never as close the rest of the way en route to the Cavaliers’ first three-game losing streak of the season.

Thompson finished with 23 points, 14 rebounds and 10 assists in his second career triple-double. He was one of four Houston starters to score at least 20 points, with Fred VanVleet adding 20.

All of VanVleet’s six made field-goal attempts came on nine 3-point attempts.

Cleveland’s Darius Garland led all scorers with 39 points and dished a team-high nine assists in the loss. Georges Niang came off the bench to score 21 points, and Max Strus finished with 14 points and nine rebounds for the Cavaliers.

The win was Houston’s second over Cleveland in as many games, knocking off the Cavaliers on Wednesday in Texas. Saturday’s game was the first in a four-game road swing for the Rockets. — Reuters

Warriors’ woes

The Warriors headed into Sunday’s homestand not just bent on taking revenge against the Lakers, who had bested them on Christmas Day. More importantly, they were looking at moving up in standings; they had been playing middling hoops since the turn of the year, and a win — especially without vital cog Draymond Green — would signal a turn for the better. Mediocrity had marked their 2024-25 campaign to date, so arguing that victory was needed would be understating the obvious.

As things turned out, the Warriors had nowhere near enough to keep pace with the Lakers. Green’s continued absence due to a lingering calf strain told on their capacity to compete on both ends of the court. So out of sorts were they sans his playmaking on offense and direction in defense that they could not pass even a simple eye test. And apart from a spirited first quarter, they were compelled to stare at the backsides of their longtime rivals. To the chagrin of the 18,064-strong capacity crowd at Chase Center, they failed to so much as get a sniff of the lead in the second half.

In the aftermath of the loss, the Warriors are left to wonder how to salvage the rest of their season. On one hand, they remain hopeful of their chances; considering how bunched up protagonists are in the highly competitive West, even a modest run will enable them to jump up a handful of spots in their quest for an outright playoff spot. On the other, they understand their frailties; they’re so short on talent that they need to give the likes of Gui Santos and Quinten Post significant burn.

Which is too bad, really, because surefire Hall of Famer Curry deserves better. Even as he just earned his franchise-record 11th All-Star berth, it’s fair to note that he doesn’t have a lot left in the tank. Last night, for instance, he missed all eight of his second-half shots en route to a four-of-17 outing. The good news is that the Warriors continue to be on the prowl for warm bodies that can help ease his load. The bad news is that they’re forced by their salary cap situation to operate in the fringes. In all likelihood, they’re stuck with what they have. Unfortunately, it won’t nearly be enough moving forward.

 

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.

Trump makes 2,000-lb bombs available to Israel

ISRAELI AND US flags are seen in this illustration taken on April 24, 2024. — REUTERS

WASHINGTON — Republican President Donald Trump said on Saturday he has instructed the US military to release a hold imposed by Democratic former President Joseph Biden on the supply of 2,000-pound (lb) bombs to Israel.

The move was widely expected.

“We released them. We released them today. And they’ll have them. They paid for them and they’ve been waiting for them for a long time. They’ve been in storage,” Mr. Trump told reporters aboard Air Force One.

Mr. Biden put the hold on the delivery of those bombs due to concern over the impact they could have on the civilian population, particularly in Gaza’s Rafah, during Israel’s war in the Palestinian enclave.

One 2,000-pound bomb can rip through thick concrete and metal, creating a wide blast radius. Reuters reported last year that the Biden administration had sent thousands of 2,000-pound bombs to Israel after the Oct. 7, 2023, attack by Palestinian Hamas militants from Gaza but had put a hold on one shipment.

Washington has announced assistance for Israel worth billions of dollars since the war began.

When asked why he released the powerful bombs, Mr. Trump responded, “because they bought them.”

Earlier on Saturday, Mr. Trump said on the Truth Social platform, “A lot of things that were ordered and paid for by Israel, but have not been sent by Biden, are now on their way!”

Mr. Trump and Mr. Biden have been strong supporters of US ally Israel, even as Washington has come under criticism from human rights advocates over the humanitarian crisis in Gaza from Israel’s military assault. Protesters have unsuccessfully demanded an arms embargo.

Washington says it is helping Israel defend against Iran-backed militant groups like Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen.

A Gaza ceasefire went into effect a week ago and has led to the release of some Israeli hostages held by Hamas in exchange for Palestinian prisoners held by Israel. Before his inauguration on Jan. 20, Mr. Trump had warned there would be “hell to pay” if hostages held by Hamas in Gaza were not released.

Hamas took around 250 hostages during the2023 attack on Israel in which about 1,200 people were killed, according to Israeli tallies. It sparked the latest bloodshed in the decades-old Israeli-Palestinian conflict.

Israel’s subsequent military assault on Gaza has killed more than 47,000 people, according to the Gaza health ministry, and led to accusations of genocide and war crimes that Israel denies. It also displaced nearly all of Gaza’s population and caused a hunger crisis. — Reuters

CIA now says COVID-19 virus ‘more likely’ to have come from a laboratory

NEW YORK — The Central Intelligence Agency (CIA) has assessed that the COVID-19 pandemic is “more likely” to have emerged from a lab rather than from nature, an agency spokesperson said on Saturday.

The agency had for years said it could not conclude whether COVID-19 was the result of a lab incident or it originated in nature. But in the final weeks of the Biden administration, former CIA Director William Burns asked CIA analysts and scientists to make a clear determination, stressing the pandemic’s historical significance, according to a senior US official.

The CIA says it has “low confidence” in its assessment that a “research-related origin of the COVID-19 pandemic is more likely” and notes in its statement that both scenarios — lab origin and natural origin — remain plausible.

The Chinese embassy in Washington did not immediately respond to a request for comment.

It was unclear the extent to which the agency has collected new intelligence on COVID-19’s origins and whether that new evidence was used to formulate the latest assessment.

China’s government says it supports and has taken part in research to determine COVID-19’s origin, and has accused Washington of politicizing the matter, especially because of efforts by US intelligence agencies to investigate.

Beijing has said claims that a laboratory leak likely caused the pandemic have no credibility.

In an interview with Breitbart following his confirmation by the US Senate on Friday, CIA Director John Ratcliffe said one of his first priorities was getting his agency to make a public assessment on the pandemic’s origins. 

“That’s a day-one thing for me,” he said. “I’ve been on record as you know in saying I think our intelligence, our science, and our common sense all really dictate that the origins of COVID was a leak at the Wuhan Institute of Virology.” — Reuters

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