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Snowboarding: American ‘golden girl’ Kim blows away rivals to retain halfpipe title

ZHANGJIAKOU, CHINA — American Chloe Kim cemented her position as one of the greats of women’s snowboarding with a commanding performance on Thursday to win halfpipe gold at the Winter Games and successfully defend her 2018 Olympic title.

The 21-year-old set herself apart from rivals in the very first run, earning a top score of 94 by breezily landing 1080s. Spain’s Queralt Castellet could never catch up with Kim and had to settle for silver, while Sena Tomita of Japan won the bronze medal.

Kim, who at 17 became the youngest woman ever to win Olympic gold in snowboarding at the Pyeongchang Games in 2018, roared back in style after taking nearly two years off the slopes.

After landing her first run, Kim put her hands on her black helmet and dropped to her knees in the snow, overjoyed to have nailed what she called her “safety run.”

“I just was so proud of myself,” Kim said about her first run, adding she had a terrible practice session where she fell twice going into Thursday’s final that had initially put her in a “weird headspace.”

“I was just like overflowed with emotions when I was able to land it on the first go.”

Given her sizeable lead, Kim then attempted a cab 1260 in her second and third runs but fell both times.

After the last Games, she took time off to focus on her studies and her mental health.

“I think the biggest lesson I’ve learnt from the last Olympics was being as open as possible. It’s unfair to be expected to be perfect,” Kim told reporters at a packed news conference.

Suffering from frustration and burnout, she briefly threw out her gold medal as junk after the 2018 Games but said on Thursday she had no intention of repeating that this time.

After Kim’s high run, Castellet received the next highest score of 90.25 and Tomita earned 88.25.

“I am extremely happy, to be honest. The second place in behind Chloe is incredible. She is an incredible athlete,” Castellet said after the final.

Tomita said she was happy to become the first Japanese woman to win a halfpipe medal.

“Everybody was very aggressive, and in that kind of competitive environment I got a medal. That has given me a lot of confidence,” she said.

Kim, or “golden girl” as TV commentators called her on Thursday, was joined at the snow park by her friend, Eileen Gu, the Chinese freestyle skier. Gu, wearing a Red Bull helmet and black puffer jacket, cheered Kim on from the finish line.

International Olympic Committee President Thomas Bach also appeared on the sidelines and watched the event.

The course, officially called the Secret Garden Olympic Halfpipe, is more than 200 meters long and 22 meters wide. The inner height of the halfpipe walls is 7 meters. — Reuters

Lukaku strike earns Chelsea spot in Club World Cup final

ABU DHABI — A first-half Romelu Lukaku strike earned Chelsea a 1-0 victory over Saudi Arabia’s Al Hilal on Wednesday to seal a spot in the Club World Cup final.

The European champion will face Brazilian side Palmeiras on Saturday in the Mohammed bin Zayed Stadium in Abu Dhabi after Belgian striker Lukaku fired home from close range in the 32nd minute.

Without coach Thomas Tuchel on the touchline, after he tested positive for coronavirus disease 2019 (COVID-19), the Blues looked in control in the first half, fully deserving their lead at the break.

However, Asian champions Al Hilal improved a great deal in the second half, with Chelsea goalkeeper Kepa Arrizabalaga pulling off several fine saves to keep them at bay.

Chelsea threatened to add a late second, but Lukaku’s strike proved to be enough, as they booked their place in the final of a competition they have never won.

Tuchel’s team started brightly in Abu Dhabi, with Hakim Ziyech, who has forced his way back into the Chelsea side in recent weeks, going close from the edge of the box early on.

Lukaku then saw a powerful strike well saved, before making no mistake from five meters out, after a Kai Havertz cross fell to him off Al Hilal’s Yasser Al-Shahrani.

The Blues owed goalkeeper Arrizabalaga, standing in for first-choice stopper Edouard Mendy who has just returned from the Africa Cup of Nations, a great debt as they seemed to tire as the match wore on.

The Spaniard made a fine block to keep out Moussa Marega’s effort, before the pick of his saves — a stunning one-handed stop — prevented Mohamed Kanno from getting Al Hilal back into the contest.

Mason Mount should have made it two late on, but Chelsea saw out the win in relative comfort. — Reuters

Coutinho sparkles for Villa, but Leeds grab draw in thriller

BIRMINGHAM, ENGLAND — Leeds United battled back to earn a 3-3 draw at Aston Villa after a virtuoso first-half display by Philippe Coutinho had left Marcelo Bielsa’s team crestfallen on Wednesday.

Brazilian Coutinho canceled out an early opener by Daniel James with a classy finish and then produced two majestic passes for Jacob Ramsey to score twice in five minutes.

James bravely nodded Leeds back into the contest in stoppage time at the end of a rollercoaster opening period.

Leeds, who has fallen too close to the relegation zone for comfort, got their reward for a tenacious display in the 63rd minute when a corner fell at the feet of Diego Llorente and he fired home from close range.

The draw left Leeds in 15th place with 23 points, six points above third-from-bottom Norwich City, while Villa are in 11th place with 27 points.

A scintillating first-half was described by Villa manager Steven Gerrard as “chaos” and he was not wrong, although no one was complaining about the rich entertainment on offer.

“It was frantic, end-to-end and 100 mph. We almost brought into the Leeds style and we needed more calm heads out there so it looked more like our style,” Gerrard said.

“A draw was the right result. A fun game for the fans tonight, but not one for the coaches!”

Former Manchester United winger James got the ball rolling with a low finish in the ninth minute and he came agonisingly close to making it 2-0 with a thumping effort against the crossbar.

Villa made the most of that slice of good fortune and equalized almost immediately when Matty Cash cut a ball back from the byline and Coutinho took a touch before firing a shot on the turn beyond Illan Meslier.

Barcelona loanee Coutinho, who marked his Villa debut with an equalizer at Manchester United last month, then took over.

An exquisite pass sent in Ramsey to beat Meslier in the 38th minute and he produced a carbon copy five minutes later to split the Leeds defense again, this time Ramsey lashing an unstoppable shot into the top corner.

Leeds looked shellshocked but James somehow got his head to a deflected Rodrigo cross to nod over the line and at least send the visitors back to the changing room with hope.

By comparison, the second half was uneventful although still highly entertaining.

Llorente fired in following a poor clearance by Tyrone Mings from a corner and in a frenetic finale tempers began to fray with Villa’s Ezri Konsa sent off after catching Meslier with his forearm as a corner was played in.

While there were several candidates for man-of-the-match, Coutinho’s display in the first half had Gerrard purring.

“It was vintage Philippe Coutinho tonight. He’s certainly getting back close to where he was when the whole world was speaking about him,” Gerrard said.

“He will get better and better. He is a joy to work with.” — Reuters

DeMar DeRozan scores 36 to lead Bulls past Hornets

DEMAR DeRozan pumped in 36 points as the Chicago Bulls topped the host Charlotte Hornets (121-109) on Wednesday night.

Zach LaVine racked up 27 points in his second game since returning from a back injury, hitting five 3-point shots.

Nikola Vučević supplied 18 points, 15 rebounds and eight assists and Coby White notched 15 points for the Bulls, who won for just the second time in their last five games.

The Bulls shot 56.1% from the field, bolstered by DeRozan’s 13-for-19 effort. He made three of four 3-pointers.

The Hornets endured their season-high sixth consecutive loss, with the last four of those coming in home games.

Charlotte’s LaMelo Ball notched 33 points, but it took a 12-for-25 outing from the field. Miles Bridges tallied 22 points, Kelly Oubre, Jr. had 19 points and Terry Rozier added 16 points for the Hornets.

Charlotte threatened to make it tight, closing within 98-87 with 8:37 to play. Then the Bulls rattled off the next seven points with DeRozan, LaVine and White scoring.

Ultimately, the Hornets’ shooting woes were too much to overcome. They finished at 42.6% from the field, including 13-for-43 on 3-pointers.

DeRozan had 18 points by half time, with the Bulls holding a 58-45 lead that was defined by a 21-6 run to close the second quarter. Chicago shot 56.1% from the field in the first half, while Charlotte’s shooting woes were magnified by a 6-for-21 rate on 3s.

The Hornets have had offensive dry spells in their recent slump. Another one appeared with scoring only 16 points in the second quarter, when the Bulls rolled up 30 points.

Charlotte responded with 31 points in the third quarter, but the Bulls also scored that many.

The Hornets had another lineup change with Gordon Hayward out with an ankle injury. Oubre moved into the starting lineup. — Reuters

Harden-for-Simmons

Depending on source (and, make no mistake, there are many sources), a James Harden-for-Ben Simmons swap is either dead in the water or extremely close to happening heading into today’s trade deadline. Publicly, neither the Nets nor the Sixers are inclined to admit they want to get it done. For a variety of reasons even casual observers can enumerate, there is incentive to push through with it. On the other hand, the fact that mere acknowledgment of it making sense undermines their respective negotiating positions prevents them from exercising the very type of candor that can push it forward.

Indeed, leverage is the name of the game for the Nets, who continue to believe that they’re primed for the hardware once their Big Three of Kevin Durant, and Harden are able to get more reps together. The operative word is, however, “able,” and, so far, its use has been accompanied by wishful thinking. Between injuries, safety protocols, passive-aggressive stances, and sheer bad luck, a consistent and, more importantly, lasting impact from the dream triumvirate has been just that -— a dream.

Bargaining chips are likewise what the Sixers aim to preserve with their coyness. Even as everybody and his mother know that the disgruntled Simmons has most likely played his last game for the red, white, and blue, they insist on treating him as a valuable asset that cannot be offered at a discount. Unfortunately, the tack they have taken has hurt them on the court; instead of flipping him for help as soon as possible in order not to waste Most Valuable Player candidate Joel Embiid’s exertions, they’re keeping him in their pocket like a Get Out of Jail Free card. As Monopoly players know only too well, however, said card is practically worthless: What if they never go to jail?

From the outside looking in, there is a lot of incentive for both sides to pull the trigger on the arrangement. Forget the sweeteners; at this point, both the Nets and the Sixers would benefit from addition by subtraction. And it’s not as if they’re getting scraps in return, however damaged the goods may be. If anything, the on-court fit under retooled rosters works for the would-be partners on the negotiating table. Then again, this is the National Basketball Association, where stranger things have happened, and where pride often gets in the way of propriety. Which is why, when today’s trade deadline passes, no scenario will come as a surprise.

 

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.

Peso strengthens on higher FDIs, lower oil prices

BW FILE PHOTO

THE PESO strengthened versus the greenback for the second straight day on higher foreign direct investments (FDIs) and the decline in oil prices.

The local unit closed at P51.235 per dollar on Thursday, gaining 10.5 centavos from its P51.34 finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened Thursday’s session stronger at P51.30 per dollar. Its weakest showing was at P51.32, while its intraday best was at P51.21 versus the greenback.

Dollars exchanged declined to $937.4 million on Thursday from $992.1 million on Wednesday.

The peso rebounded on data showing higher FDIs, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Data released by the central bank on Thursday showed FDIs in November 2021 climbed by 96% year on year to $1.095 billion from $559 million. This is the highest in nearly two years or since the $1.362 billion logged in December 2019.

For the first 11 months of 2021, FDIs rose by 52.5% to $9.238 billion from $6.057 billion in the same period of 2020. This already exceeded the $8-billion end-2021 projection of the central bank.

Meanwhile, a trader attributed the peso’s strength to the continued decline in global oil prices.

Brent crude futures inched down by 28 cents or 0.3% to $91.27 a barrel at 0714 GMT, while the US West Texas Intermediate crude slipped 19 cents to $89.47 a barrel, Reuters reported.

For Friday, Mr. Ricafort gave a forecast range of P51.12 to P51.32 per dollar, while the trader expects the local unit to move within P51.25 to P51.40. — with Reuters

PHL shares retreat as investors await US CPI data

BW FILE PHOTO

PHILIPPINE SHARES retreated on Thursday as investors pocketed gains ahead of the release of US consumer price index data.

The benchmark Philippine Stock Exchange index (PSEi) went down 69.86 points or 0.93% to close at 7,432.62 on Thursday, while the broader all shares index lost 26.84 points or 0.67% to end at 3,924.74.

“Shares succumbed to profit taking ahead of the latest US consumer price index (CPI) data tonight,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Thursday.

Global markets are waiting for the latest US inflation data as this could dictate the speed of the Federal Reserve’s planned rate hikes.

The Fed is broadly expected to begin raising rates at its March meeting although there is no clarity about the pace of tightening, Reuters reported.

Data due later on Thursday are expected to show US consumer inflation racing at a 7%-plus annualized clip, a level reminiscent of the inflation shocks of the 1970s and 1980s.

“The local bourse declined as investors booked gains at 7,500 resistance level. We think that catalysts in the market are still not enough for the main index to hold ground above 7,500,” Philstocks Financial, Inc. Research and Engagement Officer Claire T. Alviar said in a Viber message.

Ms. Alviar added the higher unemployment rate in December had little effect on the market.

“In addition, the increase in the unemployment rate could be temporary until January and we may see this figure dropping starting February,” she added.

The unemployment rate inched up to 3.27 million or 6.6% in December from the 5.6% or 3.16 million in November, the Philippine Statistics Authority reported on Thursday.

COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo noted the index failed to hold on to its intraday gains.

“The weak swing repositions the index back to its consolidation pattern, previously held down by 7,475 resistance,” Mr. Barredo said in a Viber message.

Most sectoral indices dropped during Thursday’s session except for mining and oil, which climbed 256.72 points or 2.37% to 11,058.08, and property, which gained 25.33 points or 0.75% to end at 3,389.85.

Meanwhile, holding firms sank 130.83 points or 1.82% to 7,039.19; services tumbled 34.12 points or 1.69% to 1,978.01; industrials fell 66.09 points or 0.60% to 10,782.75; and financials slipped by 0.44 point or 0.02% to 1,754.40.

Value turnover climbed to P10.48 billion with 1.31 issues traded on Thursday from the P8.41 billion with 975.43 million shares that switched hands in the previous session.

Decliners narrowly beat advancers, 101 versus 97, while 55 names remain unchanged.

Net foreign buying went down to P407.82 million on Thursday from the P428.86 million on Wednesday. — MCL with Reuters

Twitter unveils digital hub to combat online exploitation of children

REUTERS

#NotForSale: A Safer Twitter, a digital resource hub developed by the social media company and humanitarian organization Plan International Philippines, aims to curb the Online Sexual Abuse and Exploitation of Children (OSAEC).

“We have to work together — as parents, educators, tech companies, and government — to create a safer internet for all and be firm in showing that our children and young people are #NotForSale,” said Ana Maria Locsin, Plan International Philippines country director.

The Philippines was tagged as the “global epicenter of livestream sexual abuse trade of children” in 2020 by the United Nations International Children’s Emergency Fund (UNICEF).

The country’s English language proficiency, widespread Internet access, and robust money remittance infrastructure have made it a hotspot for these crimes.

Netizens can visit the #NotForSale: A Safer Twitter hub at bit.ly/TwitterNotForSalePH to access resources on digital parenting, digital citizenship, and Twitter safety features.

“Parents should not stop learning, just because they have difficulty understanding something,” said Ara Alliana I. Ocampo, a youth advocate and former president of the Mariveles Youth Alliance Poblacion, an organization in Mariveles, Bataan, that focuses on child protection, women empowerment, and gender equality. “[They] should learn how to use social media and build good relationships with their children so they can express when they feel unsafe.”

Ms. Ocampo, in a Feb. 8 discussion on Twitter Spaces, pointed out the ease with which any type of information can be found on the Internet. A friend of hers, she said, joked about not needing to go to porn sites for sexually explicit materials because they’re readily available on mainstream social media.

“It’s disturbing to know that perpetrators are using online platforms for crime when it’s supposed to be a safe place for people,” Ms. Ocampo said.

Local interventions for child protection include the SaferKidsPH consortium, which partnered with telecommunications firm PLDT, Inc. in 2021 to curb OSAEC in places like Cagayan de Oro, and the Municipal Council for the Protection of Children (MCPC) in Mariveles, whose work includes creating online support systems for the youth.

Twitter has a zero-tolerance policy against child sexual exploitation. The platform detects and removes tweets with harmful content, and its Help Center also has a page for submitting cases of online child exploitation.

“We know there is a lot of work to be done in creating a more open, better and safer Internet; and we cannot do it alone,” said Monrawee Ampolpittayanant, Twitter’s head of public policy, government, and philanthropy for Southeast Asia. “We are very pleased to be a partner [in the] launch of the #NotForSale campaign to raise awareness among Filipinos and to help them navigate the online world safely.” — Patricia B. Mirasol

Hong Kong leader ‘deeply sorry’ for long queues amid COVID surge

Carrie Lam/Facebook

HONG KONG — Hong Kong’s leader, Carrie Lam, has said she is “deeply sorry and anxious” about the lengthy wait for residents to get tested or enter isolation facilities after a record number of new coronavirus cases left authorities scrambling. 

Hong Kong’s daily coronavirus disease 2019 (COVID-19) infections nearly doubled to a record 1,161 cases on Wednesday as the global financial hub battles a rapid surge that could pose the biggest test yet of its “dynamic zero” policy. 

Writing on her official Facebook page on Wednesday night, Ms. Lam said that the government was working hard to enhance capacity and that the fast-spreading infections, hitting places like elderly care homes, were the last thing she wanted to see. 

“I firmly believe that all people treasure our frontline medical staff, look forward to resuming their normal daily lives, and want to help Hong Kong ride out the pandemic,” she said. 

Hong Kong has reported close to 4,000 infections over the past two weeks, up from just two in December, taking its tally to more than 17,000 since the outbreak began in 2020, with 215 deaths, although the figures are lower than other major cities in the world. 

Authorities have responded with the toughest measures since the start of the pandemic, which are taking an increasing social and economic toll on the city’s 7.5 million residents. 

Hong Kong has stuck to the strategy employed by mainland China to suppress all coronavirus outbreaks as soon as possible to eliminate the virus. 

About 200,000 residents and visitors in Discovery Bay, an area that is home to many expatriates, were ordered to test for COVID-19 after the government said it detected coronavirus in sewage samples. 

Large crowds thronged to testing centers across the city, with some residents complaining that they were more likely to get infected while queuing. 

Typically, thousands of residents are mandated daily to test if they have been to an area where infections are detected. 

Ms. Lam said the city was not able to try to live with the virus, as most of the rest of the world is doing, because more than 50% of the elderly have not been vaccinated. 

About 80% of the city’s residents have had at least one vaccine shot but many elderly people have been hesitant. 

Two elderly patients in their 70s died from coronavirus, authorities said on Wednesday. — Reuters

Ford, Toyota halt some output as US, Canada warn on trucker protests

REUTERS

WINDSOR/OTTAWA/WASHINGTON — Ford and Toyota on Wednesday both said they were halting some production as anti-coronavirus mandate protesters blocked US-Canada border crossings that have prompted warnings from Washington and Ottawa of economic damage. 

Many pandemic-weary Western countries will soon mark two years of restrictions as copycat protests spread to Australia, New Zealand, and France now the highly infectious Omicron variant begins to ease in some places. 

Horn-blaring protests have been causing gridlock in the capital Ottawa since late January and from Monday night, truckers shut inbound Canada traffic at the Ambassador Bridge, a supply route for Detroit’s carmakers and agricultural products. 

A number of carmakers have now been affected by the disruption near Detroit, the historic heart of the US automotive sector, but there were other factors too such as severe weather and a shortage of semiconductor chips. 

Toyota, the top US seller, said it is not expected to produce vehicles at its Ontario sites for the rest of the week, output has been halted at a Ford engine plant and Chrysler-maker Stellantis has also been disrupted. 

Another border crossing, in Alberta province, has been closed in both directions since late on Tuesday. 

More than two-thirds of the C$650 billion ($511 billion) in goods traded annually between Canada and the United States is transported by road. 

Starting as a “Freedom Convoy” occupying downtown Ottawa opposing a vaccinate-or-quarantine mandate for cross-border truckers mirrored by the US government, protesters have also aired grievances about a carbon tax and other legislation. 

“I think it’s important for everyone in Canada and the United States to understand what the impact of this blockage is — potential impact — on workers, on the supply chain, and that is where we’re most focused,” White House spokesperson Jen Psaki said on Wednesday. 

“We’re also looking to track potential disruptions to US agricultural exports from Michigan into Canada.” 

Washington is working with authorities across the border to reroute traffic to the Blue Water Bridge, which links Port Huron in Michigan with Sarnia in Ontario, amid worries protests could turn violent, she told reporters. 

Bank of Canada Governor Tiff Macklem called for a swift resolution. 

“If there were to be prolonged blockages at key entry points into Canada that could start to have a measurable impact on economic activity,” he said. 

“We’ve already got a strained global supply chain. We don’t need this.” 

PROTESTS SPREAD
The protests were disrupting jobs too and “must end before further damage occurs,” Canada’s Emergency Preparedness Minister, Bill Blair, told reporters. 

Ford suspended engine output in Windsor while its Oakville factory near Toronto is operating with a reduced schedule, as it warned the Ambassador Bridge closure “could have widespread impact on all automakers in the US and Canada.” 

Chrysler-maker Stellantis has also faced a shortage of parts at its assembly plant in Windsor, Ontario, where it had to end shifts early on Tuesday, but was able to resume production on Wednesday. 

Protesters say they are peaceful, but some Ottawa residents have said they were attacked and harassed. In Toronto, streets were being blocked. 

“We continue to know that science and public health rules and guidance is the best way to this pandemic is the way we’re going to get to the other side,” said Prime Minister Justin Trudeau. 

The issue has caused a sharp split between the ruling Liberals and the opposition Conservatives, many of whom have expressed open support for the protesters in Ottawa and accuse Mr. Trudeau of using the issue of the mandate for political purposes. 

In the United States, prosecutors in Missouri and Texas will probe crowdfunding service GoFundMe over the decision to take down a page for a campaign in support of the drivers after some Republicans vowed to investigate. 

Downtown Ottawa residents criticized police for their initially permissive attitude toward the blockade, but authorities began trying to take back control Sunday night with the seizure of thousands of liters of fuel and the removal of an oil tanker truck. 

Police have asked for reinforcements — both officers and people with legal expertise in insurance and licensing — suggesting intentions to pursue enforcement through commercial vehicle licenses. 

But as the authorities attempt to quell demonstrations in one area, they pop up elsewhere. 

“Even as we have made some headway in Ottawa, we’ve seen an illegal blockade emerge in Windsor,” said Public Safety Minister Marco Mendicino. — Carlos Osorio, Blair Gable, and Jarrett Renshaw/Reuters

NASA raises concerns about SpaceX satellite deployment plan

Screenshot via SpaceX/YouTube

WASHINGTON — The National Aeronautics and Space Administration (NASA) raised concerns about SpaceX’s plan to deploy about 30,000 satellites for its Starlink, as have some major companies. 

Elon Musk’s SpaceX previously received authorization for about 12,000 satellites to offer broadband internet and has requested authorization for a second-generation constellation of  30,000 satellites. 

“NASA has concerns with the potential for a significant increase in the frequency of conjunction events and possible impacts to NASA’s science and human spaceflight missions,” the agency wrote the Federal Communications Commission. 

NASA noted there are currently 25,000 total objects tracked on-orbit — and about 6,100 below 600 km. SpaceX’s Gen2 expansion “would more than double the number of tracked objects in orbit and increase the number of objects below 600 km over five-fold,” it added. 

Harvard-Smithsonian astrophysicist Jonathan McDowell, part of the American Astronomical Society panel examining the impacts of satellites on astronomy said: “We’ve been concerned with having these large numbers of satellites that interfere with astronomical observations … I think we need a little more experience with the several thousand operating satellites before we can ramp up to the tens of thousands.” 

SpaceX did not immediately respond to a request for comment. 

Mr. Musk tweeted on Jan. 15 SpaceX had 1,469 Starlink satellites active and 272 moving to operational orbits soon. 

Amazon.com, which has pledged to spend at least $10 billion to build 3,236 such satellites through its Project Kuiper program, separately raised concerns with the FCC about SpaceX’s plan as did Dish Network. 

Amazon said under SpaceX’s application “at least hundreds — and potentially more than ten thousand — SpaceX satellites could operate at the same altitudes as the Kuiper System.” 

It warned “the effect of this orbital overlap would be a dramatic increase in risks and other burdens on the Kuiper System” and asked the FCC to impose “reasonable conditions.” 

While extremely costly to deploy, satellite technology can provide high-speed internet for people who live in rural or hard-to-serve places where fiber optic cables and cell towers do not reach. The technology could also be a critical backstop when hurricanes or other natural disasters disrupt communication. — David Shepardson and Steve Gorman/Reuters

PDAX raises $50M to join the metaverse

PIXABAY

Philippine Digital Asset Exchange (PDAX), a local cryptocurrency exchange, announced Feb. 10 that it raised more than $50 million to “build regulated plug-and-play solutions for metaverse applications, fintech, and digital banking apps.”

The Series B round was led by Tiger Global, a New York-based investment firm. Kingsway Capital, Jump Capital, Draper Dragon, Oak Drive Ventures, DG Daiwa Ventures, Ripple, UBX Ventures, BEENEXT, and Cadenza Capital Management round out PDAX’s other Series B investors.

PDAX previously raised $12.5 million in August 2021.

In an interview with BusinessWorld, PDAX chief operating officer Kyle T. Kua attributed the country’s mass crypto adoption to the natural tech-savviness of Filipinos, as well as the rise of the Play-to-Earn (P2E) segment over the pandemic. 

“A lot of Filipinos took time … to start learning about cryptocurrencies and venturing into the space, be it by trading, investing, or playing,” he said, adding that the daily profits of some P2E games were higher than minimum wage. “Knowing how social Filipinos can be, the interest to create crypto wallets and start playing these games shot up across the Philippines — not just in Metro Manila, but in the provinces as well.” 

PDAX, which reached a 35-fold growth in user sign-ups since the start of the lockdowns, added five new coins to its listed cryptocurrencies on Feb. 3.

“These five new tokens are some of the most requested in our community,” said Nix T. Eniego, assistant vice president for marketing of PDAX, referring to Polygon (MATIC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), and Avalanche (AVAX). — Patricia B. Mirasol

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