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Thai boxing chief Chunhavajira elected ASBC president

NEWLY-elected ASBC president Pichai Chunhavajira of Thailand (center) poses with his supporters and close advisers, including ABAP president Ed Picson (3rd from left), minutes after his election at the Oasis Ballroom of the Marriott Bonvoy Hotel in Amman, Jordan. — ABAP

THE ASIAN Boxing Confederation (ASBC), the regional association for amateur boxing, held its quadrennial elections for president and members of its Executive Committee at the Marriott Bonvoy Hotel in Amman, Jordan on Saturday.

Elected president was Pichai Chunhavajira, a prominent businessman, corporate executive and sportsman from Bangkok. He is president of the Thailand Boxing Association and also sits as vice-president of the Thailand National Olympic Committee.

The immediate ASBC past president, Anas Al-Otaiba of UAE did not seek re-election leaving Pichai and lone protagonist Uzbek Federation vice-president Saken Polatov to contest the top post.

The 73 year-old Thai won by an 18-11 vote count.

There are 44 member-countries of the ASBC but pandemic concerns prevented several from attending the confab. There was one spoiled ballot from among the 30 votes cast.

Mr. Chunhavajira ran on a platform to help reinstate boxing in the Olympic program, empowerment of national boxing federations, support to all boxers in the region, transparency and good governance, and aggressive marketing to source funds.

Also elected were 11 Board members from different countries in the Asian region.

One of Mr. Pichai’s first acts in his first board meeting which he called right after the election, was to appoint Amateur Boxing Association of the Philippines (ABAP) president Ed Picson as Spokesperson and head of ASBC media Affairs. The appointment was upheld by the Board.

He then invited all Board Members to their next meeting which will coincide with the Thailand Boxing Open on April 1-10 in the scenic island of Phuket.

Alec Baldwin says his contract protects him from liability in Rust shooting

ALEC BALDWIN/IMDB.COM

LOS ANGELES —  Actor Alec Baldwin said in a legal filing on Friday that his Rust movie contract protects him from financial liability in the fatal shooting of the film’s cinematographer.

Mr. Baldwin has been named as a defendant in several civil lawsuits including one from the husband of Halyna Hutchins, who was killed in October when a gun the actor was using during a rehearsal fired off a live bullet.

In addition to playing the lead role, Mr. Baldwin served as a producer of the film.

In an arbitration demand filed against fellow producers, Mr. Baldwin seeks to enforce a “broad indemnification clause” in his contract that his lawyers said shields him from financial claims regarding the production.

Mr. Baldwin has said he was heartbroken by the incident but does not believe he bears any responsibility because he was told the Colt .45 revolver he was handed was “cold,” an industry term meaning it is safe to use. He has said he pulled the gun’s hammer back but did not pull the trigger.

Rust, a Western, was being filmed at Bonanza Creek Ranch in New Mexico. Authorities in Santa Fe are investigating the incident and say they have not ruled out criminal charges. A key question is how live ammunition wound up on the set.

In the new filing, attorneys said he provided creative input in his producing role and did not hire any crew members, who were the people responsible for ensuring gun safety procedures were followed.

“This is a rare instance when the system broke down, and someone should be held legally culpable for the tragic consequences,” the filing said. “That person is not Alec Baldwin.”

Matthew Hutchins, the cinematographer’s husband, argued in his lawsuit that Mr. Baldwin bore responsibility because he fired the gun and should have checked that it did not contain live rounds. — Reuters

DMCI Homes to develop project in Tandang Sora

DMCI Project Developers, Inc. (DMCI Homes) is developing a new condominium project in Quezon City.

The Erin Heights is located along Commonwealth Avenue corner Tandang Sora Avenue in Quezon City. It will have 54 residential floors and offer studio, two-bedroom, and three-bedroom unit configurations ranging from 28.5 square meters (sq.m.) to 87 sq.m.

“Beyond the advantageous location, what makes The Erin Heights even more a profitable property investment is its promise of a plush and modern lifestyle that promotes a healthy work-life balance in the new normal,” the company said in a statement.

The Erin Heights will feature a modern tropical design concept. It targets young professionals, families and investors.

Amenities include the Sky Deck, co-working space, fitness gym, game area, a roof deck lap pool, a leisure pool, a pool deck, a shooting court, kiddie pool and playground.

“The Erin Heights is set to open its doors to residents in October 2027. Units are now pre-selling at a starting price of P5,062,000,” the company said.

Hitachi seeking to bring digital payment solutions to the PHL

HITACHI Ltd. is planning to roll out its digital payment solutions in the Philippines as the Japanese conglomerate ramps up its business in the country.

“(Digital payments) would be serving the manufacturing sector and the banking sector as well as small and medium businesses,” Hitachi Asia Corporate Strategy General Manager Gerald Hane said in a virtual interview.

The company’s services could be used to connect unbanked Filipinos to digital payments, he said.

“We have some experience in other countries, but in the Philippines, this is something we’re moving toward. It is to be deployed.”

Hitachi Payment Services Pvt. Ltd. offers point of sale systems, internet payments solutions for e-commerce, and transit technology for metro rail projects, among others.

A business-to-business firm, Mr. Hane said the company provides the underlying technology or backbone behind digital payments.

The company has rolled out cash recycling machines used for deposits and withdrawals in the Philippines.

“Hitachi has installed over 1,200 of these cash recycling machines in Manila, and some surrounding cities as well,” Mr. Hane said.

The conglomerate works on projects in water, renewable energy, mobility, and financial services.

In the Philippines, the company is working on desalination projects and is eyeing transport projects.

“One of Hitachi’s offerings is in the area of mass transit, and that is both in the electrification of buses as well as trains. So trains are a long-standing business line for Hitachi, and that’s been expanding globally,” Mr. Hane said.

“In the Philippines, Hitachi is interested in also contributing to this area of mobility leveraging its capability of trains, and will hopefully be able to contribute to projects such as the North-South commuter railway, which is one area in which Hitachi is interested.” — Jenina P. Ibañez

Optum explores expansion opportunities

HEALTH services innovation firm Optum Global Solutions Philippines is on the lookout for expansion opportunities in the country, a company official said.

Optum Philippines Managing Director Ivic Mueco said in a recent virtual round table discussion that the information technology business process outsourcing (IT-BPO) company is targeting to broaden its operations.

“Like any IT-BPO operator, we always look at opportunities to grow in the Philippines. Yes, we continue to look at opportunities to expand,” Ms. Mueco said.

Darwin Mariano, Optum Philippines vice-president for external affairs, said the company is committed to the Philippines amid global issues such as the conflict between Russia and Ukraine.

However, Mr. Mariano declined to disclose specific details on the company’s expansion plans.

“We are committed to the Philippines. Unfortunately, it would be premature to be able to talk about specific sites or specific headcount expansion given the fluid environment,” Mr. Mariano said.

“Hopefully, we are at the tail end of the coronavirus disease 2019 (COVID-19) pandemic, and then we are also facing a lot of global concern around what is happening in Ukraine. Alongside that is the pressures coming from the rising prices of oil. These are some of the macroeconomic factors that are directly impacting the company’s thinking,” he added.

According to Ms. Mueco, the company has about 19,000 employees in the Philippines. Of the total, 25% to 30% are working on-site, she added.

Optum Philippines has offices in Cebu, Taguig City, Quezon City, and Muntinlupa City. The company has been operating in the Philippines since 2011.

“A big majority of our [employees] are still working from home,” Ms. Mueco said.

Further, Ms. Mueco said hybrid work is in the future of BPO firms, adding that the work arrangement is one of the “great things” that the COVID-19 pandemic had introduced.

“We’re able to tap talent regardless of where they are and not based on the [location of the] site. We’ve started to tap some markets here and there, testing out the work-from-home (WFH) arrangement without being tethered to a site,”she said.

“It is important for us to have care and compassion [for employees], and part of that is how they would want to work in the future and what would make sense for them so we are able to keep them and so they are able to grow their careers in the organization,” she added.

Meanwhile, Optum Philippines announced that it is offering projects for registered Filipino nurses such as the USRN Academy and RN Ready Plus program.

USRN Academy is an online self-paced training for the company’s nurses that enables them to transition from a Philippine-registered nurse to a US-registered nurse in a span of 26 weeks.

In collaboration with medical and academic partners, RN Ready Plus is a program that allows non-Optum nursing students and working nurses to have access to online, self-paced, and on-demand courses relevant to their career development and at par with global standards.

Optum Philippines is part of a healthcare and well-being company with global headquarters in the US. — Revin Mikhael D. Ochave

PBA prospect Jason Brickman leads Kaohsiung over Taichung, 98-81

TOP Philippine Basketball Association (PBA) prospect Jason Brickman continued his fine play for Kaohsiung Aquas in the T1 League of Taiwan after uncorking a season-best 15 assists over the weekend at the National Taiwan University of Sport.

The Filipino-American facilitator added 10 markers, four boards and two steals as Kaohsiung trumped the Taichung Suns led by his compatriot Jordan Heading, 98-81.

Behind Mr. Brickman’s crafty play, Kaohsiung solidified hold of top spot with a 14-9 card.

Mr. Heading, the first pick of Terrafirma in the 2021 PBA special draft and a Gilas Pilipinas cadet, bled for only two markers as Taichung slid to 11-8.

Mr. Brickman is expected to banner this year’s draft class after missing the cut in 2021 due to eligibility requirements that the PBA has already relaxed since.

In the Japan B.League, former NLEX star guard Kiefer Ravena missed the game-winner as the Shiga Lakestars fell to their sixth straight loss at the hands of Seahorses Mikawa, 93-91.

Mr. Ravena had 15 points, six rebounds and seven assists for Shiga, which stumbled to 10-24 card at 18th place of the 22-team B.League. — John Bryan Ulanday

Entertainment News (03/15/22)

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The Kingmaker is now streaming for free on Vimeo

LAUREN Greenfield’s documentary The Kingmaker, which tells the story of the Marcos dictatorship through the eyes of former first lady Imelda Marcos, is now streaming for free on Vimeo (https://vimeo.com/358556466). The streaming was made possible through an arrangement with its distributors ABS-CBN and iWantTFC.

Mano Po returns as a rom-com

GMA NETWORK continues the Mano Po Legacy with its second installment of the series, Mano Po Legacy: Her Big Boss. This time, instead of being a family drama as all the movies and series of the Mano Po franchise are, this installment is a romantic comedy. It stars Bianca Umali, Ken Chan, and Kelvin Miranda, along with Teejay Marquez, Sarah Edwards, and Sarah Holmes, Haley Dizon, Blue Cailles, Kate Yalung, and veteran actors Ricardo Cepeda, Marina Benipayo, Arlene Muhlach, and Pokwang. The show airs on GMA Telebabad at 9:45 p.m.

Pinoy wins streaming music tilt

A FILIPINO won the Uplive Worldstage Global Singing Competition (formerly known as Singing for the World), which streamed worldwide via the Uplive app. Grand Prize winner Harvey Dave Nino, 22, from Isabela province, bested 19 other finalists who were chosen from thousands of competitors from around the world. He won a record deal, cash prize, and a song and video to be produced by a Grammy-winning producer. ABS-CBN is the official media partner of Uplive WorldStage. Pinoy pop groups BINI and BGYO were special guests on the show, and performed their respective hits “Born To Win” and “The Baddest.” The grand finals were streamed on the Uplive app with catch-up shows viewable on ABS-CBN’s digital platforms, iWantTFC and ABS-CBN Entertainment’s Facebook page and YouTube channel.

How PSEi member stocks performed — March 14, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, March 14, 2022.


Manila fifth most expensive city in ASEAN in terms of premium office space occupancy costs

Manila fifth most expensive city in ASEAN in terms of premium office space occupancy costs

Peso drops on Russia-Ukraine war, Fed

BW FILE PHOTO

THE PESO sank to a new two-year low on Monday due to the ongoing Russian invasion in Ukraine and as investors wait for the US Federal Reserve’s monetary policy decision.

The local unit closed at P52.475 per dollar on Monday, shedding 18.5 centavos from its P52.29 finish on Friday, based on Bankers Association of the Philippines data.

This was the peso’s weakest finish in more than two years or since it closed at P52.475 on Aug. 15, 2019, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The peso opened Monday’s session at P52.32 per dollar, which was also its intraday best. Meanwhile, its weakest showing was at P52.49 against the greenback.

Dollars exchanged dropped to $806.55 million on Monday from $1.099 billion on Friday.

Mr. Ricafort said the peso’s weakness reflected the volatility in global financial markets amid the Russia-Ukraine conflict. This was also the case for the local stock market, as the Philippine Stock Exchange index plunged by 295.24 points or 4.15% to 6,816 on Monday. The wider all shares index dropped by 126.97 points or 3.36 points to 3,638.49.

Reuters reported that Russia has continued to advance its military forces in Ukraine and on Sunday fired at a military base near the border of Poland, which is a member of the North Atlantic Treaty Organization. Despite the atrocities, both sides are still gearing for further diplomatic talks in hopes to resolve their issues.

Meanwhile, a trader in an e-mail said there was cautious sentiment in the market ahead of the Federal Open Market Committee’s two-day meeting which starts on Tuesday.

The Fed is widely expected to start increasing interest rates in order to quell a four-decade high inflation in the United States. Fed Chairman Jerome H. Powell has said he would support a quarter-percentage-point interest rate hike.

For Tuesday, Mr. Ricafort gave a forecast range of P52.35 to P52.55, while the trader expects the local unit to move within P52.35 to 52.60 per dollar.

TWIN DEFICITS
The peso is seen to be vulnerable to the effects of the Russia-Ukraine war as the net importing country faces twin budget and current account deficits, adding pressure on the central bank to hike rates, think tank Oxford Economics said.

Sung Eun Jung, Oxford Economics senior economist, said in a brief on Monday that Russia’s invasion of Ukraine was not priced in by markets, leading to a surge in commodity prices and boosting demand for the US dollar.

While commodity exporters in the Asia-Pacific outperformed, the currencies of commodity importers did the opposite. The Philippine peso, along with the Indian rupee, South Korean won, and Thai baht, depreciated by about 2% against the greenback, the think tank said.

The peso specifically weakened by 1.6% since the crisis began on Feb. 24.

“Downside risks are strongest for historically ‘twin deficit’ countries who are also net commodity importers in the region, namely India and the Philippines,” Ms. Jung said.

Higher inflation and worse deficits heighten the pressure on the Bangko Sentral ng Pilipinas to raise rates, she said.

“But slowing growth is making them drag their feet on policy normalization,” she said. “How they navigate this policy dilemma will have implications for their FX trajectory once the dust settles.”

Oxford Economics expects the currency divergence between net importers and exporters in the Asia-Pacific to narrow if the US dollar weakens by the second half. — Luz Wendy T. Noble and Jenina P. Ibañez with Reuters

PSEi plunges to 6,800 level as crisis continues

STOCKS plunged on Monday as the war between Russia and Ukraine continues.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 295.25 points or 4.15% to close at 6,816.95 on Monday, while the broader all shares fell by 126.87 points or 3.36% to 3,638.49.

The PSEi’s Monday close was at its lowest since Sept. 1, 2021 when it finished at 6,785.94.

“The market dropped, consistent with most markets in Asia, as investors assess the ongoing tensions between Ukraine and Russia and its impact on the global economy,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“Philippine shares closed in the red as investors weighed remarks from Russian President Vladimir Putin about diplomatic discussions with Ukraine against a weaker-than-expected print on US consumer sentiment,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan in a Viber message.

“Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia’s invasion of Ukraine,” Mr. Limlingan added.

The fourth round of talks between Ukraine and Russia set on Monday was said to have focused on achieving a ceasefire, troop withdrawals and security guarantees for Ukraine, one of the Ukrainian negotiators Mykhailo Podolyak said, Reuters reported.

Ukraine’s position remained unchanged in insisting on a ceasefire before talks on future relations could happen, he said in a social media post and accompanying video.

Russia denies targeting civilians. The Kremlin describes its actions as a “special operation” to demilitarize and “denazify” Ukraine. Ukraine and Western allies call this a baseless pretext for a war of choice.

Oil slid on Monday on hopes for progress in Russian-Ukraine peace talks even as fighting continued to rage. Brent was last quoted $2.13 lower at $110.54, while US crude fell $2.46 to $106.84.

“Market participants may have also felt concerned over the resurgence in coronavirus cases in China,” Timson Securities’ Timson Securities’ Mr. Pangan said.

Back home, all sectoral indices ended in the red. Services declined by 100.85 points or 5.27% to 1,182.41; mining and oil fell by 597.01 points or 4.64% to 12,266.56, property decreased by 132.43 points or 3.92% to 3,243.65; financials lost 63.76 points or 3.87% to 1.581.07; industrials went down by 353.48 points or 3.68% to 9,243.65; and holding firms sank by 243.22 points or 3.57% to 6,566.58.

Value turnover increased to P8.91 million on Monday with 2.59 million shares changing hands from the P8.18 million or 14.97 million issues seen on Friday.

Decliners overwhelmed advancers, 190 versus 34, while 28 names closed unchanged.

Net foreign selling climbed to P1.52 billion on Monday from the P1.18 billion seen on Friday. — L.M.J.C. Jocson with Reuters

No smooth sailing for election official at CA

PHILSTAR FILE PHOTO

By John Victor D. Ordoñez

AN OPPOSITION senator on Monday urged a newly appointed election commissioner to resign to save herself, President Rodrigo R. Duterte and the Commission on Elections (Comelec) from embarrassment and unnecessary distraction that could affect the integrity of this year’s elections.

In a statement, Senator Franklin M. Drilon said extortion allegations against Election Commissioner Aimee Torrefranca-Neri could affect the integrity of Comelec.

“Her appointment has created a distraction that can jeopardize the Comelec’s constitutional duty to conduct a fair, credible and honest 2022 election,” the senator, who is a member of the Commission on Appointments, said.

Mr. Drilon advised Ms. Neri to “run for your life,” adding that a smooth sailing of her confirmation at the appointment body was unlikely given the seriousness of the allegations against her.

A lawyer has accused her of extorting P10 million from a client who is a suspected drug lord to “fix” a robbery case before the Supreme Court when she was a Justice assistant secretary. She allegedly pocketed P3 million and returned the P7 million.

Ms. Neri did not immediately reply to an e-mail seeking comment.

She would face the allegations, Comelec spokesman James B. Jimenez told the ABS-CBN News Channel last week. “I raised the matter with Commissioner Neri herself and she assured me that she was ready to face these charges in the proper forum. So, I guess we’ll just have to wait until that happens.”

“Commissioner Neri assures the public that all of these accusations are not substantiated and that ultimately, they will be proven false,” Mr. Jimenez said.

Mr. Drilon noted that in his 24 years of experience, the Commission on Appointments could be merciless sometimes. “And rightly so, because we will be remiss in our constitutional duties if we do not vet the credentials of the appointees.”

He also questioned Ms. Neri’s constant reassignment to different government agencies.

Mr. Duterte appointed her Justice assistant secretary in 2016. A year later, she was transferred to the Immigration bureau, where she became a deputy commissioner. In 2018, she was appointed Social Welfare undersecretary.

“Is that normal? Did Commissioner Torrefranca-Neri undergo a tour of duty during the Duterte administration?” Mr. Drilon asked.

During ceremonies last week at the election body, Ms. Neri vowed to ensure honest, fair and free elections this year “amidst all the issues thrown towards the commission.”

“As a public servant for almost 17 years in the Judiciary and Executive, the trust reposed by the public is sacred,” she said. “It is my personal oath to the Filipino people to repay the public by being truthful to the values and mandate of the Comelec.”

Meanwhile, victims of the martial law regime said Election Commissioner George M. Garcia’s inhibition from pending cases of his former client ex-Senator Ferdinand “Bongbong” R. Marcos, Jr. would not ensure an impartial resolution of the lawsuits.

In a statement, the Campaign Against the Return of the Marcoses and Martial Law said Mr. Garcia’s appointment “looms like doom for the democratic exercise of suffrage.”

“Considering the stakes in the 2022 elections, we cannot afford to rest on a mere inhibition say-so of a Comelec commissioner whose integrity, to start with, is already put in question,” they added.

Mr. Garcia last week said he would not participate in several lawsuits seeking to disqualify Mr. Marcos to avoid bias.

“The public’s confidence in this commission should not be eroded by any semblance of bias or prejudice,” he said in his letter to the Comelec clerk. “As a newly appointed commissioner, it is my duty to avoid impropriety and the appearance of impropriety.”

He lawyered for Mr. Marcos in his election protest against Vice-President Maria Leonor “Leni” G. Robredo in 2016. The Supreme Court later rejected his claim of cheating in several provinces.

The group also called for the public’s vigilance about the “shameless” new appointments at the election body.

Several groups have asked Comelec to disqualify Mr. Marcos from the presidential race this year after his conviction by a trial court in the 1990s for tax evasion.

“This is stretching the credulity of the public to the max,” the group said. “The appointment of no less than the election lawyer of Marcos, Jr. as a commissioner of the Comelec is a brazen move that, at the very least, does not bode well for fair play in the electoral process exactly at a time when the son of the dictator is hellbent on reclaiming Malacañang on wings of lies and propelled by plundered wealth.

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