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Brazil vs Argentina World Cup qualifier to be replayed after São Paulo farce

THE World Cup qualifier between Brazil and Argentina in September that was suspended after health officials ran onto the pitch will be replayed, world governing body International Federation of Association Football (FIFA) said on Monday.

The match at the NeoQuimica Arena in São Paulo was halted in farcical fashion just five minutes after kickoff when Brazilian health officials entered the pitch to stop Argentina’s England-based players from playing.

The officials claimed the Argentines had breached Brazil’s rules stating travelers who had been in the UK, South Africa or India during the previous two weeks were forbidden from entering the country unless they were Brazilian citizens or had permanent residency.

FIFA also banned Argentine players Emiliano Buendia, Emiliano Martinez, Giovani Lo Celso and Cristian Romero for two matches. The health officials had alleged that the players had misled border officials by declaring they had not been in a red list country during the 14 days before the game.

“After a thorough investigation of the various factual elements and in light of the applicable regulations, the FIFA Disciplinary Committee has decided that the match should be replayed on a date and at a location to be decided by FIFA,” it said in a statement.

“In addition, the FIFA Disciplinary Committee has concluded that the abandonment of the match stemmed from several deficiencies of the parties involved.”

FIFA, based in Switzerland, fined the Brazilian and Argentine football associations 500,000 Swiss francs ($540,000) and 200,000 Swiss francs, respectively, for their failure to ensure “order and safety.” — Reuters

DeMar DeRozan stays hot, leads Bulls over Spurs

DEMAR DeRozan poured in 40 points and continued his historic scoring run as the Chicago Bulls outlasted the visiting San Antonio Spurs 120-109 on Monday to win their fourth straight game.

The Bulls trailed by six points entering the fourth quarter but then DeRozan took charge, scoring 13 of Chicago’s next 15 points to give the Bulls the lead. The Bulls never trailed again, as DeRozan and Nikola Vučević dominated down the stretch.

San Antonio had two huge turnovers on successive possessions down by four points in the final 1:53 to hamper its comeback attempt.

DeRozan has scored 30 or more points in seven consecutive games (improving on a career-high) and established a franchise record with his sixth straight game of at least 35 points, supplanting the mark set by Michael Jordan in the 1996-97 campaign.

Vučević added 25 points and 16 rebounds, with Coby White scoring 24 points and Ayo Dosunmu hitting for 12. Chicago got just 12 points from its bench but shot 52.3% from the floor and earned a 53-33 edge on the boards.

Lonnie Walker IV led San Antonio with 21 points off the bench. Doug McDermott and Dejounte Murray added 19 points each — Murray also had 11 assists — and Keldon Johnson and Jakob Poeltl scored 13 apiece for the Spurs.

The Bulls led 29-27 after a back-and-forth first period as Vučević (12 points) and White (11) combined for all but six of Chicago’s points.

San Antonio swept to the front at 34-29 by scoring the first five points of the second period, after which there were nine lead changes and five tied scores before DeRozan’s two free throws with 48.1 seconds left in the quarter gave the Bulls a 59-57 advantage at the break.

White led all scorers with 16 points in the half with DeRozan and Vučević adding 15 each for Chicago over the first 24 minutes. McDermott paced the Spurs with 14 points while Walker IV had 11 and Murray scored 10 for San Antonio.

The Spurs retook the lead with a 9-2 run in the middle of the third quarter. Chicago tied the game at 79 on a jumper by DeRozan with 4:26 to play and again on a hook shot by Vučević on its ensuing possession but San Antonio rode nine points by Walker and a layup and a dunk by Keita Bates-Diop to end the period up 89-83. — Reuters

Djokovic: Not against vaccination, but won’t be forced to take COVID jab

NOVAK Djokovic said he was not against vaccination but would skip Grand Slam tournaments if he was forced to take the jab against coronavirus disease 2019 (COVID-19).

Djokovic, who is unvaccinated, was deported from Australia after an 11-day roller-coaster experience involving two visa cancelations, two court challenges and five nights in two stints at an immigration detention hotel where asylum seekers are held.

“Yes, that is the price that I’m willing to pay,” the 34-year-old Serbian told the BBC, adding that he was aware that he would not be able to travel to most tournaments in the world currently because of his unvaccinated status.

The 20-times major champion is set to return to competitive action at an ATP tournament in Dubai next week for the first time since he was deported ahead of the Australian Open, the year’s first tennis Grand Slam.

Another win at Melbourne Park, where Djokovic has won nine titles, could have taken him to a men’s record 21 major titles, but instead it was his long-time rival Rafa Nadal who nudged ahead by lifting the trophy last month.

Djokovic said he was ready to sacrifice his shot at the milestone over the “freedom of choice” but he was keeping an open mind about taking the jab in the future.

“I was never against vaccination,” he said, adding that he took vaccines as a child. “But I’ve always supported the freedom to choose what you put in your body.

“I understand that globally, everyone is trying to put a big effort into handling this virus and seeing, hopefully, an end soon to this virus.” — Reuters

Simmons for Harden

The trade that everybody and his mother knew was coming finally pushed through before last Friday’s deadline, and it should prove beneficial to all parties. The Sixers very much wanted to show Ben Simmons the door as soon as it became clear he had already checked out; they stayed put for so long only because of their keen desire not to get pennies to the dollar for him. Meanwhile, the Nets had grown tired of James Harden’s passive-aggressive posturing; even as he didn’t want to ask for a trade outright given the potential public backlash, he made sure to send the same message in other ways. And so a swap of the two All-Stars was made — the same swap that would have likely been in store after the 2021-22 season.

Certainly, there was cause not to delay the inevitable. Mere presence had both players casting a pall on franchises deemed among those with legitimate chances to contend for the hardware — and so there was addition by subtraction to the arrangement as well. Meanwhile, the development bolsters the respective title bids of the division rivals. On paper, the additions fit the playing styles and predilections of the Sixers’ and Nets’ resident stars. At this point, even casual observers are salivating at the prospect of pick-and-roll play after pick-and-roll play between Most Valuable Player award frontrunner Joel Embiid and Harden. Ditto the projected two-man action sets between all-time-great Kevin Durant and Simmons.

There is, of course, the possibility that things will not turn out as hoped. The National Basketball Association landscape is littered with examples of strange turns of events in which potential far from translates to practice. At the same time, there was nothing else the Sixers and Nets could do heading into the trade deadline; maintaining the status quo was a no-no, and they were at the point where change — any change — was better. And for all the excess baggage carried by Harden and Simmons, their output (when they are, to be sure, at their best) reflects their otherworldly talent.

Considering that Harden needs to recover from a hamstring strain and Simmons will have to get back to shape after a lengthy sidelining, the All-Star break figures to serve them in good stead. The Sixers and Nets need them, warts and all. And as they ramp up their return to the court, they leave behind a trail of What Ifs that show the challenges of aiming for the Larry O’Brien Trophy. Everything is in flux, and nothing is etched in stone.

 

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 weakens on hawkish Fed

BW FILE PHOTO

THE PESO weakened versus the greenback on Tuesday as market participants were cautious due to hawkish signals from US Federal Reserve officials and tensions between Russia and Ukraine.

The local unit closed at P51.382 per dollar on Tuesday, depreciating by 1.2 centavos from its P51.37 finish on Monday, based on Bankers Association of the Philippines data.

The peso opened Tuesday’s session slightly stronger at P51.36 versus the dollar. Its weakest showing was at P51.42, while its intraday best was at P51.33 against the greenback.

Dollars exchanged dropped to $560.28 million on Tuesday from $627 million on Monday.

The peso was slightly weaker after hawkish statements from Fed officials, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Reuters on Monday reported that St. Louis Federal Reserve President James Bullard supported calls for a faster pace of Fed interest rate hikes. He said a more aggressive action is more apt amid the four strong inflation reports in a row.

In a separate interview, Richmond Fed President Thomas Barkin said starting to hike rates is timely but its specifics will still be dependent on inflation trajectory in the next months.

Meanwhile, a trader in an e-mail said safe-haven demand made the dollar stronger amid geopolitical concerns due to the Russia-Ukraine conflict.

The US government on Monday ordered its embassy in Kyiv to relocate to the Western part of Ukraine amid the rapid acceleration of Russian forces on the borders.

Mr. Ricafort gave a forecast range of P51.28 to P51.43 per dollar, while the trader expects the local unit to move within P51.30 to P51.55. — LWTN with Reuters

PSEi sinks on geopolitical tensions, Fed hike bets

PHILIPPINE SHARES declined on Tuesday amid growing tensions between Russia and the Ukraine and fears of potentially aggressive US Federal Reserve rate hikes.

The bellwether Philippine Stock Exchange index (PSEi) slid 51.21 points or 0.69% to close at 7,309.94, while the broader all shares index dropped 32.74 points or 0.84% to end at 3,860.20.

“With index rebalancing trades out of the way, we finally saw the PSEi react to the bad news happening abroad in a meaningful way. In particular, the Ukraine developments over the weekend and the hawkish comments from the US Fed last night were today’s big drivers,” AAA Southeast Equities, Inc. President William M. Cabangon said in a Viber message on Tuesday.

A Russian invasion of Ukraine is highly likely, could be imminent and would pose a threat to Europe’s wider stability that emboldens aggressors around the world, Britain’s Foreign Secretary Liz Truss said on Tuesday, Reuters reported.

Russia has more than 100,000 troops massed near the border of Ukraine. Russian political leaders deny Western accusations that it is planning to invade, but say it could take unspecified “military-technical” action unless a range of demands are met, including barring Kyiv from ever joining the NATO alliance.

Oil prices surged over 2% on Monday to their highest in more than seven years as Ukraine’s president declared a “day of unity” for Feb. 16, a date that some Western media have cited as a possible start of a Russian invasion.

Brent crude rose $2.04 or 2.2% to settle at $96.48 a barrel, after touching its highest since September 2014 at $96.78.

US West Texas Intermediate crude rose $2.36 or 2.5% to settle at $95.46 a barrel, after hitting $95.82, the loftiest since September 2014.

Away from geopolitics, Fed officials continuing to spar over how aggressively to begin upcoming interest rate increases at their March meeting.

Hawkish Fed official James Bullard, who last week broke ranks to call for a large 50-basis-point increase, reiterated calls for a faster pace of interest rate hikes on Monday, though other officials were more cautious in their public remarks.

First Metro Investment Corp. Head of Research Cristina S. Ulang said the market dropped amid increasingly risk-off sentiment.

Most sectoral indices ended in the red except for mining and oil, which jumped 251.74 points or 2.31% to 11,176.38, and holding firms, which climbed 52.71 points or 0.75% to 7,026.69.

Meanwhile, property fell 75.75 points or 2.21% to 3,351.30; industrials tumbled 139.29 points or 1.32% to 10,411.25; financials dropped 15.91 points or 0.91% to 1,725.92; and services went down 16.53 points or 0.86% to 1,904.72.

Value turnover dropped to P8.03 billion with 1.21 billion issues traded on Tuesday from the P14.19 billion with 1.19 billion shares that switched hands on Monday.

Decliners beat advancers, 106 versus 75, while 56 names closed unchanged.

Net foreign selling dropped to P263.59 million from the P2.42 billion recorded on Monday. — M.C. Lucenio with Reuters

Billionaire e-commerce mogul partners with SpaceX for 3 more crewed flights

Screenshot via SpaceX/YouTube

LOS ANGELES – The billionaire e-commerce mogul who last year led the world’s first all-private space crew launched into orbit said on Monday he plans to help bankroll up to three more such missions with SpaceX, independent of NASA’s human spaceflight program.

Jared Isaacman, founder and CEO of Shift4 Payments Inc , said his new “Polaris” collaboration with fellow billionaire and SpaceX chief Elon Musk could launch its first four-member crew as early as the fourth quarter of this year.

Dubbed Polaris Dawn, the mission would aim to set a new orbital altitude record and feature the world’s first commercial spacewalk, while also testing the laser-based communications system of SpaceX‘s Starlink satellite network, Isaacman said in a message online.

If successful, the initiative would mark yet another milestone in the growing commercialization of space, for which human exploration was long the sole domain of professional astronauts.

As he did in the history-making “Inspiration4” flight that carried a quartet of private citizens into orbit last September aboard a SpaceX Crew Dragon capsule, Isaacman plans to serve as mission commander of the Polaris Dawn mission.

A spokesman told Reuters that Isaacman and SpaceX “are investing in the mission together” but not revealing any financial details.

Isaacman, an experienced jet pilot who flew in the Black Diamond civilian aerobatics squadron and co-founded a private air force of fighter planes for military training, introduced his three Polaris Dawn crewmates on a conference call from Los Angeles on Monday.

Although none is a professional astronaut, all have close career ties to the aerospace field.

The Polaris Dawn pilot is retired U.S. Air Force combat pilot Scott Poteet, a former Shift4 executive and mission director for Inspiration4.

Rounding out the crew will be two lead space operations engineers from SpaceX – Sarah Gillis, who oversees the company’s astronaut training program, and Anna Menon, who manages crew operations development. Both have also served as SpaceX mission control operators.

Plans call for a SpaceX Falcon 9 rocket to launch the Polaris Dawn from Kennedy Space Center in Cape Canaveral, Florida, and for the crew to spend up to five days in orbit.

To achieve Isaacman’s objective of reaching the highest altitude ever in Earth orbit, Polaris would have to surpass the all-time record 850 miles (1,368 km) set in 1966 by NASA’s Gemini 11 mission.

The planned spacewalk, set for much lower orbit at about 310 miles (500 km) over the Earth, would prove an especially challenging feat as the first ever “extravehicular activity,” or EVA, attempted by non-professional astronauts.

A second Polaris mission would, like the first, make use of the Falcon 9-Crew Dragon combo that has become the SpaceX workhorse for numerous NASA missions.

But the third flight envisioned for the Polaris program would break ground as the first human flight aboard Musk’s next-generation Starship, which SpaceX is developing for eventual missions to the moon and Mars.

Undertaking the maiden crewed flight of a brand-new spacecraft without seasoned professional astronauts would stray from longstanding practice at SpaceX, which relied on NASA veterans to fly its first human missions of the Falcon 9 and Crew Dragon.

Polaris is not the only commercial space outfit looking to send its own crew to orbit in the near future.

SpaceX plans separately to launch a four-person private crew of the Houston-based spaceflight company Axiom to the International Space Station on March 30 for what would be the first all-private flight to dock at the orbiting research laboratory. The debut Axiom crew includes a retired NASA astronaut and a former Israeli fighter pilot. – Reuters

Japan’s economy rebounds on solid spending, Omicron clouds outlook

PIXABAY

TOKYO – Japan’s economy rebounded in the final three months of 2021 as falling coronavirus cases helped prop up consumption, though rising raw material costs and a spike in new Omicron variant infections cloud the outlook.

Bank of Japan Governor Haruhiko Kuroda also highlighted escalating tensions in Ukraine as a fresh risk to the central bank’s forecast for a moderate economic recovery.

The world’s third-largest economy expanded an annualised 5.4% in October-December after contracting a revised 2.7% in the previous quarter, government data showed on Tuesday, falling short of a median market forecast for a 5.8% gain.

Some analysts expect the economy to slump again in the current quarter as rising COVID-19 cases keep households from shopping and supply chain disruptions hit factory output.

“The economy will likely stall in January-March or it could even contract, depending on how the Omicron variant affects service-sector consumption,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

Economic growth was driven largely by a 2.7% quarter-on-quarter rise in private consumption, which accounts for more than half of Japan’s gross domestic product (GDP).

The expansion in consumer spending, which was bigger than market forecasts for a 2.2% gain, came after Japan ended coronavirus curbs in October.

Capital expenditure also rose 0.4%, roughly in line with market forecasts. External demand added 0.2% point to growth, a sign exports continued to benefit from the global recovery.

“As the economy re-opened, service consumption, such as for hotels, restaurants and entertainment, got a big boost,” said Wakaba Kobayashi, an economist at Daiwa Institute of Research.

Japan’s recovery, however, continues to lag other advanced economies, forcing the BOJ to keep monetary policy ultra-loose, even as other central banks eye interest rate hikes.

The country’s seasonally-adjusted real GDP, sized around 541 trillion yen ($4.69 trillion), remains below the pre-pandemic level of late 2019.

A record spike in Omicron cases forced the government to impose loose curbs on most areas and keep borders closed, which likely dampened consumption since the outset of this year.

Rising infections have also forced some manufacturers to halt production, causing output disruptions and delivery delays at auto giants such as Toyota Motor Corp.

Meanwhile, creeping import costs add risks to Japan’s fragile recovery.

“Heightening tensions in Ukraine could have unfavourable effects on global and Japanese growth if they spark a surge in fuel and commodity prices,” BOJ governor Kuroda told parliament on Tuesday.

Hiroshi Shiraishi, senior economist at BNP Paribas Securities, expects economic growth to slow to an annualised pace of 1-1.5% in January-March, or even decline.

“The economy‘s recovery could delay into later this year as the Ukraine crisis may drive up fuel costs and dampen corporate appetite for capital expenditure,” he said.

“There’s not much left for the government and the central bank to do in terms of new stimulus measures. Both fiscal and monetary policy have reached a limit.” – Reuters

S.Korea candidates kick off presidential race dominated by scandal, third-party challenge

SEOUL – South Korea’s presidential candidates formally began campaigning on Tuesday in what is set to be the tightest race in 20 years between its two main parties, dominated by scandals that have allowed a third challenger to potentially play the role of kingmaker.

Polls say voters are looking for a president who can clean up polarised politics and corruption, and tackle the runaway housing prices and deepening inequality that have dogged Asia’s fourth-largest economy.

Curbing North Korea’s weapons tests and resuming talks would be a plus, but even a record month of missile testing by Pyongyang in January hasn’t made foreign policy a key issue for the March 9 vote in South Korea.

But the major issues named in the polls have been overshadowed by scandals and petty controversies, ranging from allegations of abuse of power to spats over one candidate’s relationship with a shaman and an anal acupuncturist.

Fourteen candidates have signed up since official registration opened on Sunday, with Lee Jae-myung, the flag-bearer of the ruling Democratic Party, facing off against Yoon Suk-yeol, from the conservative main opposition People Power Party.

Dubbed the “unlikeable election” due to high disapproval ratings and smear campaigns waged by both sides, Lee and Yoon are neck and neck in polls, although Yoon has maintained a slight lead in recent weeks.

A survey released on Sunday by Realmeter showed 41.6% of respondents favoured Yoon and 39.1% picked Lee, while Southern Post put Yoon just 0.5% ahead with 35.5%.

That would contrast with the last three presidential elections, which were largely predictable. The upcoming contest could be the closest since 2002 when an opposition challenger lost to former President Roh Moo-hyun by a 2.33% margin, or 570,980 votes.

“This is the foggiest election we’ve seen in a while, it’s very rare that a likely winner had yet to emerge just three weeks before the vote,” said Bae Jong-chan, a political analyst who runs the Insight K think tank.

A former governor of Gyeonggi province, Lee shot to prominence through his aggressive handling of the coronavirus pandemic and his advocacy of universal basic income.

Yoon is a political novice, but has gained popularity thanks to his image as a staunch prosecutor-general who steered high-profile investigations into corruption scandals engulfing aides to former President Park Geun-hye and current President Moon Jae-in.

But growing frustration over mainstream politics and controversy involving both candidates‘ families have been a fillip for Ahn Cheol-soo, a renowned software mogul and doctor who is a minor opposition contender.

 

MERGED CAMPAIGN

Ahn formally offered on Sunday to merge campaigns with Yoon, saying it would expedite a “overwhelming victory” and national unity.

His latest ratings hovered between 7-8% after peaking at 15%. Polls indicated a convincing victory if Yoon and Ahn unite, although it was not clear if all Ahn’s supporters would automatically follow him on a combined ticket.

Some officials from Yoon’s campaign have also called for a merger, floating the idea of forming a coalition government and appointing Ahn as prime minister.

Yoon said he would give the proposal “positive consideration” but said he was not entirely happy about Ahn’s call to use a poll to pick which of the two men would lead the ticket.

A Yoon aide said his campaign would prefer a negotiation between the candidates to determine the flag-bearer. Ahn said he was open to talks but would not accept unilateral demands for him to step down.

Ahn’s rise has come amid deepening voter disgust over controversies involving the families of both Lee and Yoon.

Lee, who has apologised over his son’s illegal gambling, faces a possible criminal investigation over allegations that he illegally hired a provincial government employee to serve his wife as a personal assistant, and let her misappropriate government funds through his corporate credit card.

Lee and his wife have apologised for causing public concern and said they would cooperate with any investigation.

Yoon, meanwhile, has apologised for his wife’s inaccurate resume when she applied for teaching jobs years ago, and denied accusations from Democrats that a shaman who is close to his wife was deeply involved in his campaign.

He has also denied ties to an anal acupuncturist.

Lee’s campaign raised new allegations on Sunday that Kwon Oh-soo, chairman and the largest shareholder of Deutsch Motors Inc., a BMW car dealer in South Korea, sponsored Yoon’s wife’s company in a bid to evade investigations while Yoon worked as a prosecutor. Kwon was arrested last year on charges of manipulating his firm’s stock prices.

The ruling Democratic Party also criticised Yoon at the weekend for putting his feet on a train seat without taking off his shoes as lacking a sense of citizenship and public etiquette.

Yoon’s campaign hit back, accusing the Democrats of levelling groundless allegations even after Lee vowed to cease negative campaigns. – Reuters

World Bank, IMF relocate some staff from Ukraine, operations continue

WASHINGTON – The World Bank and International Monetary Fund said on Monday they had temporarily relocated some staff from Ukraine amid rising concerns about a potential Russian invasion, but both institutions said their lending and support work in Ukraine was continuing.

The World Bank said in an internal memo seen by Reuters that it has temporarily suspended staff missions to Ukraine and is closely monitoring the situation at the border, where Russia has massed a large military force within striking distance of Ukraine.

“The World Bank Group’s foremost priority is to keep our staff and their families safe. In line with our evacuation policy, temporary relocation of staff is under way and enhanced security measures are in place,” the memo said.

The memo did not provide details on where or how many staff were being relocated.

The IMF has temporarily relocated its resident representative in Ukraine, Vahram Stepanyan, outside of the country, an IMF spokesperson said.

Stepanyan, an Armenian national, has headed the IMF office in Kyiv since July 2021, working with local Ukrainian employees.

IMF staff remain engaged and in contact with their Ukrainian counterparts,” the IMF spokesperson said.

A World Bank Group spokesperson also said the development lender’s operations in Ukraine would continue, adding: “To this end, staff will continue to work on our program from Ukraine and alternate locations.”

The United States is relocating its Ukraine embassy operations from the capital Kyiv to the western city of Lviv, Secretary of State Antony Blinken said on Monday, citing a “dramatic acceleration in the buildup of Russian forces.”

The IMF maintains a $5 billion loan program for Ukraine, while the World Bank has provided nearly $1.3 billion in financing to Ukraine since the COVID-19 pandemic started. – Reuters

AMLC warns vs digital vote buying

PHILIPPINE STAR/ MICHAEL VARCAS
Residents of Quezon City line up outside the Commission on Elections office on Oct. 21, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

BANKS AND FINANCIAL institutions should closely monitor large transactions that may be part of money-laundering and vote-buying activities during the election campaign period, the Anti-Money Laundering Council (AMLC) said. 

The AMLC issued the advisory “in anticipation of the influx of financial activities that usually occur during the election period, and to ensure that proceeds from unlawful activities are not laundered during the campaign period.”

Filipinos will head to the polls on May 9 to vote for a new president, vice-president, lawmakers and local officials. The three-month election campaign period officially began on Feb. 8.

The “dirty money” watchdog reminded all covered persons to conduct appropriate customer due diligence measures, as outlined in the Anti-Money Laundering Act of 2001. They should closely monitor their customers’ transactions, and file suspicious transaction reports, if needed.

Aside from banks, covered persons include financial institutions like pawnshops, foreign exchange dealers, money changers, money changers and remittance companies, jewelry dealers, casinos, offshore gaming operators, and real estate brokers and developers. 

“Covered persons must be mindful of…red flag indicators and suspicious behaviors that are related/linked or are analogous to possible money laundering activities,” AMLC said in a statement.

These red flags include large transactions in a short period of time; and transactions that appear to be inconsistent with a customer’s financial profile or business.

Suspicious transactions include “unjustified” large cash deposits and withdrawals, “unusual” transactions that are not in line with everyday dealings; and structured cash deposits and money transfers.

Other red flags include the use of multiple accounts by a single person; and use of several money service businesses to send funds.

Earlier, the Bangko Sentral ng Pilipinas (BSP) through Memorandum M-2021-074 dated Dec. 31, 2021 also warned against the possible proliferation of digital vote buying amid the upcoming elections on May 9. Financial institutions were also told to watch out for the possibility that online banking and mobile wallet applications will be used for vote-buying activities. 

The BSP said financial institutions should ensure appropriate customer onboarding, effective fraud management, and ongoing transaction monitoring.

The Parish Pastoral Council for Responsible Voting (PPCRV) Chairperson Myla Villanueva said they have been alerted about offers of money to buy voters’ votes months ahead of the May 9 election. 

“We hear a lot of issues about vote buying and it’s very difficult for PPCRV to catch that and report it. We’re hearing a lot of big numbers being offered to people and families in fact,” Ms. Villanueva said in an interview with ABS-CBN News Channel on Monday.

Asian Institute of Management economist John Paolo R. Rivera said the culture of vote buying “exists because of poverty.”

“It’s challenging to regulate it because we do not have sophisticated systems to detect it. We only know it happened when it happens. It’s a bandaid solution to alleviate hunger and poverty, which the poor grabs because it will help them survive the day,” Mr. Rivera said in a Viber message.

Under the Omnibus Election Code, persons found guilty of vote buying or selling may face penalties of imprisonment for one to six years, disqualification from public office, and forfeiture of one’s right to vote.

The Commission on Election last week said cases of vote buying or giving money and other goods in exchange for support on election day may be reported through social media platforms. Comelec Spokesman James B. Jimenez said they are looking for ways to address the possible use of e-wallet services for such activities.

The Philippines has been included among jurisdictions under increased monitoring by the Financial Action Task Force (FATF) in June 2021. It needs to prove it has implemented tighter measures against dirty money and terrorism financing to exit the FATF’s “gray list.”

The government is hoping to be removed from the gray list by January 2023. — LWTN

PHL, Japan set to hold ‘high-level’ meeting

REUTERS
A person holds Japan’s national flag at the Imperial Palace in Tokyo, Japan, Jan. 2, 2020. — REUTERS/KIM KYUNG-HOON

THE PHILIPPINES and Japan will hold a high-level meeting on infrastructure development and economic cooperation this week, the Department of Finance (DoF) said, after Japan wrapped up its five-year aid commitment to the Philippines.

The two countries on Feb. 16 will discuss updates on financing extended by Japan for the Philippine coronavirus disease 2019 (COVID-19) response, along with advances on Japan-funded program supporting the peace process in Mindanao, DoF said in a press release on Monday.

The Japanese government donated over a million doses of the AstraZeneca vaccine to the Philippines last year.

Japan-backed coronavirus response projects also include support for medical equipment procurement and cold chain storage system development in the Philippines. The Asian Development Bank has also said it will also extend a $2-million technical assistance grant from the Japan Fund for Poverty Reduction to support health policy reforms in local government units.

Meanwhile, Japan has also been extending loans and grants supporting the Mindanao peace process, including road network projects in areas affected by conflict and agriculture livelihood assistance.

“Japan has been actively supporting these peace-building programs through the framework of the Japan-Bangsamoro Initiatives for Reconstruction and Development,” the DoF said.

The discussion, which will be done through teleconferencing, is the two countries’ 12th high-level meeting on infrastructure development and economic cooperation.

The first high-level committee meeting was held in 2017, after Japan Prime Minister Shinzo Abe committed to provide ¥1 trillion (about P446 billion) in financing support to the Philippines over five years, mostly funding big-ticket infrastructure projects.

The DoF in July last year said Japan’s funding commitment had been completed, adding that the country plans to further expand its assistance to the Philippines.

In the upcoming meeting, the Philippine side will be chaired by Finance Secretary Carlos G. Dominguez III, with Japan Special Advisor to the Prime Minister Mori Masafumi as his counterpart.

Discussions during the meeting will also include updates on the Japan-supported big-ticket projects under the government infrastructure program, including the Metro Manila Subway, the North-South Commuter Railway project, rehabilitation of the Metro Rail Transit Line 3 (MRT-3), Dalton Pass East Alignment Road, Central Mindanao Highway, and the Parañaque Spillway.

Last month, Japan also extended $13 million in aid for humanitarian responses in areas affected by Typhoon Odette, which hit parts of Visayas and Mindanao in December.

Japan was the Philippines’ top source of official development assistance over the two decades leading up to 2020, DoF data showed. Japan accounted for $14.139 billion worth of loans or 72% of the foreign aid portfolio over 2001 to 2020. — Jenina P. Ibañez