Tom Hoge emerges from pack at Pebble Beach for first PGA Tour win

February 7, 2022 | 9:38 pm

TOM Hoge made four birdies on the back nine to pass Jordan Spieth and claim his first Professional Golfers’ Association (PGA) Tour victory at the AT&T Pebble Beach Pro-Am on Sunday in Pebble Beach, CA.

One of three co-leaders after 54 holes, Hoge rebounded from a double bogey at the par-3 fifth hole to card a 4-under-par 68, landing him at 19-under 268 for the tournament.

That proved two shots better than Spieth, the three-time major winner who spent some time alone in front on the back nine Sunday. A tee shot into the sand led to a costly bogey for Spieth at the par-3 17^th as Hoge surged past him. Spieth carded a final-round 69 at Pebble Beach Golf Links.

Hoge, 32, finally broke through after playing on tour since 2015.

“I’ve always kind of got myself into position and then just felt a little bit uncomfortable on Sundays out there,” Hoge said on the CBS broadcast. “So finally today, I felt great the whole day and felt real calm, kind of standing over those putts you need to make down the stretch. It’s awesome. You work through so many hard times to be here and to finally pull one off feels incredible.”

He rolled his approach at No. 16 to 9 inches away from the pin for a tap-in birdie. That moved him to 18 under to tie Spieth, who was dealing with a sand shot one hole ahead of him.

Spieth’s second shot at No. 17 bounced by the cup and stopped 5 feet away, but he blew his par save past the hole and dropped out of the tie with Hoge.

Hoge capitalized at No. 17 by converting a 22-foot, left-to-right putt for birdie to give himself the two-stroke cushion.

“Really I was just trying to get two good looks for birdie on 17 and 18 and still expected Jordan to make a birdie or eagle on 18 coming up the stretch,” Hoge said. “Putt was kind of a bonus. You never expect to make that putt, a big swinging downhill putt like that. When I hit it, I initially thought it was short, but went right in the middle, it was pretty nice.”

Despite the outcome, Spieth felt his tee shot at No. 17 was “my best swing of the week.”

“I hit the dead center of the face, high, kind of hold-straight ball — the wind just took it a little,” Spieth said. “And it was on the line where it would have actually not only bounced towards the hole, it would have then fed left… In the air, I was thinking this might lip out. And it hits the lip and goes in the bunker.”

Spieth’s runner-up finish came less than two weeks after a hospital stay for an intestinal infection.

“I’ll look back and kick myself for not winning this tournament,” Spieth said, “just having the lead and looking back at where the pins were on the last four holes… but certainly if you told me I would have the lead on Sunday last Thursday, I would have said I’ll take that.”

Beau Hossler posted a 71 to finish alone in third at 16 under. Troy Merritt (67) and Patrick Cantlay (71) tied for fourth at 15 under. Cantlay birdied three of his first six holes Sunday to tie for the lead, but he faded down the stretch and consecutive bogeys at Nos. 15 and 16 took him out of the running.

Andrew Putnam, who entered Sunday tied atop the leaderboard with Hoge and Hossler, only managed a 1-over 73 to tie for sixth at 14 under with Joel Dahmen (72) and England’s Matt Fitzpatrick (68). — Reuters

Peso sinks on US data, geopolitical tensions

February 7, 2022 | 9:30 pm

THE PESO retreated versus the greenback on Monday amid demand for the dollar on better-than-expected US jobs data and geopolitical tensions between Ukraine and Russia.

The local unit closed at P51.37 per dollar on Monday, sinking by 23 centavos from its P51.14 finish on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session weaker at P51.25 per dollar. Its worst showing was at P51.38, while its intraday best was at P51.22 against the greenback.

Dollars exchanged increased to $959.3 million on Monday from $892.5 million on Friday.

A trader in an e-mail said the peso weakened as the market priced in higher-than-expected additional jobs in the US, which strengthens the case for the US Federal Reserve’s plan to hike rates starting next month.

Preliminary data from the US Labor department on Friday showed nonfarm payrolls rose by 467,000 in January despite the Omicron surge. This is more than the 150,000 jobs added expected by analysts in a Reuters poll.

Fed officials have signaled that they may start increasing interest rates next month to cool rising inflation as the economy is already recovering.

The dollar fared better on the Japanese yen as the market still sees little chance the Bank of Japan will tighten this year. It was steady at 115.30 yen, while the euro was at 132.82 yen having climbed by 2.7% last week.

The wild swing in the euro left the US dollar index to recuperate at 95.569, after shedding 1.8% last week.

The single currency was last down about 0.2% at $1.1430, having shot up by 2.7% last week in its best performance since early 2020. Technically, a break of resistance around $1.1482 would open the way to $1.1600 and higher.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said the peso depreciated due to cautious sentiment amid geopolitical tensions between Ukraine and Russia and its possible implication to oil prices.

White House national security adviser Jake Sullivan on Sunday said Russian President Vladimir Putin could order an attack on Ukraine within days or weeks, Reuters reported. More than 100,000 Russian troops have advanced near the Ukraine border, but Moscow maintains it is not planning an invasion but could take unspecified military action if its security demands are not met.

For Tuesday, Mr. Ricafort gave a forecast range of P51.25 to P51.45 per dollar, while the trader expects a wider band of P51.25 to P51.50. — LWTN with Reuters

Shares drop on strong US jobs data, rebalancing

February 7, 2022 | 9:28 pm

EEI--PSE---BW-FILE-PHOTO — BW FILE PHOTO

STOCKS dropped on Monday due to positioning following strong US jobs data and ahead of the index and MSCI rebalancing.

The benchmark Philippine Stock Exchange index (PSEi) fell 76.05 points or 1.02% to close 7,380.30 on Monday, while the broader all shares index slipped 34.33 points or 0.87% to finish 3,899.61.

“Some Asian markets were lower as well after seeing strong jobs numbers from the US, one that may keep the US Federal Reserve aggressive into its stand in controlling inflation by raising rates. This may have spooked some investors for the moment,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a Viber message.

Asian share markets mostly eased on Monday after stunningly strong US jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Fed, Reuters reported.

The cautious mood saw MSCI’s broadest index of Asia-Pacific shares outside Japan dip 0.3%. Japan’s Nikkei fell 0.8% and South Korea 0.4%.

The January payrolls report showed annual growth in average hourly earnings climbed to 5.7%, from 4.9%, while payrolls for prior months were revised up by 709,000 to radically change the trend in hiring.

“Investors rebalanced portfolios ahead of the PSEi realigned on Friday, and took bets ahead of the release of the Morgan Stanley Capital International (MSCI) rebalancing results later in the week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Last week, the PSE announced MONDE and EMP will be part of the index effective Feb. 14 after the regulator’s review of the index and sectoral indices’ performances from the first to last trading days of 2021.

Meanwhile, MSCI is set to announce the results of its index rebalancing, which it reviews quarterly and adjusts twice a year.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louie O. Tantiangco said the pullback shows investors are waiting for more catalysts, such as the release of more corporate financial reports.

Mr. Tantiagco also noted that Monday’s trading was strong, with value turnover increasing to P9.21 billion with 1.13 billion shares switching hands on Monday from the P8.64 billion with 1.75 issues traded on Friday.

Most sectoral indices ended in the red except for financials, which gained 15.71 points or 0.90% to 1,752.83 and mining and oil, which climbed 87.70 points or 0.83% to 10,640.45.

On the other hand, holding firms fell 135.58 points or 1.87% to 7,100.18; property went down 59.06 points or 1.77% to 3,267.99; industrials declined by 131.47 points or 1.21% to 10,694.37; and services lost 3.89 points or 0.19% to 1,958.13.

Decliners beat advancers, 105 versus 84, with 51 names closed unchanged.

Foreigners turned buyers, logging P222.55 million in net purchases versus the P25.76 million in net outflows seen on Friday. — M.C. Lucenio with Reuters

Catch the Lovin’ Vibe this February at SM Supermalls

February 7, 2022 | 6:13 pm

Get all the things you love here at SM!

This February, SM introduces new ways to catch the Lovin’ Vibe with a host of Valentine’s Day activities lined up for the month.

Starting February 2 to 28, you can catch these enhanced malling and romantic dining deals at your favorite SM Mall.

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Lovin’ Eats. Enjoy 2 for 1 dining deals with your SO, your friend, or a family memberNo need to worry about your safety because SM Supermalls has al-fresco dining spaces to give you a fresh-air romantic vibe.

Got gifts? Check out the Lovin’ Gift Fair. Looking for a gift for your loved ones? From Vday classics like flowers and chocolates to unique novelty items, the Lovin’ Gift Fair pop-up stores got the best gifts that your special someone will surely love. Plus extra gifts when you purchase items from the season’s promos and deals!

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Get into the lovey-dovey vibe with live entertainment. What’s Valentine’s Day without some fun and music? Catch a live harana in select SM malls’ Designated Dining Areas with your loved ones for that lovey-dovey vibe while enjoying your meal.

Plan a date that’s worth remembering at designated dining spots. SM malls’ safe and socially distant designated dining spots are getting a huge makeover! Just in time for the celebration, select SM will be installing Giant Flower Heart installations, Tunnels of Flowers, and big Sing-Along screens to make date a memory to remember!

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Check out SM Deals for more information about the participating stores, deals, and promos you can cop for the whole month.

For updates, visit www.smsupermalls.com and its Facebook, Twitter, and Instagram accounts: @smsupermalls.

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Blinken with Pacific trip aims to reaffirm US focus on Asia

February 7, 2022 | 4:22 pm

WASHINGTON — US Secretary of State Antony Blinken will aim with a trip to the Pacific this week to remind the world that Washington’s strategic long-term focus remains with the Asia-Pacific region despite an escalating crisis with Russia over Ukraine.

Mr. Blinken is due to depart on Monday for Australia, Fiji, and Hawaii for meetings with key allies and to reaffirm a commitment to push back against what the United States calls China’s growing economic and military “coercion.”

Highlights of the week will be a meeting of the informal grouping of Australia, India, Japan and the United States known as the Quad, work to advance diplomatic efforts regarding North Korea and discussions on the concerns over Pacific Islands where US officials believe China wants to establish bases.

Mr. Blinken’s trip comes days after China and Russia declared a “no limits” strategic partnership at the opening of the Beijing Winter Olympics. The United States is engaged in a diplomatic boycott of the Beijing Olympics.

It marked the most detailed and assertive statement by China and Russia to work together — and against the United States — to build a new international order based on their own interpretations of human rights and democracy.

Daniel Kritenbrink, the State Department’s top diplomat for East Asia, chided Chinese President Xi Jinping during a briefing with journalists ahead of Mr. Blinken’s trip, saying Xi’s meeting with Russian President Vladimir Putin on Friday should have been an opportunity to encourage de-escalation of tensions over Ukraine.

China and Russia pledged mutual protection of core interests — an apparent reference to Russia and Ukraine as well as Taiwan, a self-ruled island that Beijing claims as its own. Their joint statement denounced US moves to counter China through AUKUS, a pact under which the United States and Britain will provide Australia with nuclear-powered submarines.

‘MAINTAIN FOCUS’
Charles Edel, an expert on Asia and Australia at the Center for Strategic and International Studies think tank, noted that Mr. Blinken is traveling to Australia despite the standoff over Ukraine with the Russians and the intense diplomacy among NATO member states.

“His trip underscores just how important — and how challenging — it is for Washington to maintain focus on the Indo-Pacific,” Mr. Edel said.

US-Chinese ties are at their lowest point in decades as the world’s top two economies disagree over numerous issues including Hong Kong, China’s treatment of ethnic Uyghurs in the Xinjiang region and the South China Sea. Russia’s potential invasion of Ukraine, the most serious threat of a major conflict in Europe since the Cold War’s end, only complicates matters.

During the planned Quad meeting in Melbourne, the four countries are expected to discuss how to further their goals including climate policy and providing COVID-19 vaccines to Southeast Asia ahead of an expected May summit in Japan that President Joseph R. Biden, Jr., plans to attend.

In meetings with Fiji’s prime minister and Pacific Island leaders, climate policy and Pacific regional security and stability are expected to be front and center. Chinese ambitions in the region also will likely come up.

“The speed and extent of China’s outreach to the Pacific Islands has served as a wakeup call,” said Daniel Russel, the top US diplomat for East Asia during former President Barack Obama’s administration, who is now with the Asia Society Policy Institute think tank.

Lawmakers from the Pacific Island republic of Kiribati said last year that China has drawn up plans to upgrade an airstrip on one of its remote islands about 3,000 kilometers from Hawaii. This would offer China a foothold deep in territory firmly aligned with the United States and its allies since World War Two.

The United States has said the AUKUS pact and expanding Quad cooperation show its Indo-Pacific commitment.

But analysts have said that former President Donald J. Trump’s decision to quit a trade framework now known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) continues to undercut US engagement with a region where many countries count China as their main trading partner.

“The timing and substance of the QUAD ministerial is driven by the common agenda of the four countries — namely to out-compete China by offering the region real and better alternatives,” Mr. Russel said.

Mr. Biden told Asian leaders in October that the United States would launch talks on a new Indo-Pacific Economic Framework, but few details have emerged and his administration has been reluctant to offer the increased market access Asian countries desire, seeing this as threatening American jobs.

In Hawaii, Mr. Blinken will host Japanese and South Korean counterparts. Their discussions are expected to center on North Korea, which has conducted a slew of missile launches this year, raising fears that it may return to testing intercontinental ballistic missiles and nuclear bombs for the first time since 2017. — Humeyra Pamuk and David Brunnstrom/Reuters

Dumping plastic in waterways is ‘criminal,’ pope says in TV interview

February 7, 2022 | 3:31 pm

VATICAN CITY — Dumping plastic in waterways is “criminal” and must end if humanity wants to save the planet for future generations, Pope Francis said in a television interview on Sunday.

In the hour-long interview on state broadcaster RAI’s Channel 3, Francis also reiterated some of the key themes of his papacy, condemning excessive spending on armaments, defending the rights of migrants, and condemning ideological rigidity by conservatives in the Church.

Francis, who has made defending the environment a cornerstone of his pontificate, recounted how Italian fishermen came to him one year and told him they had found many tons of plastic in the Adriatic Sea. The next time he saw them they said they had found twice as much and took it upon themselves to help clean some of it up.

“Throwing plastic into the sea is criminal. It kills biodiversity, it kills the earth, it kills everything,” he said.

“Looking after creation is an education [process] in which we must engage,” he said, citing a song by Brazilian singer Roberto Carlos in which a boy asks his father why “the river no longer sings” and the father responds that “we finished it off.”

Asked to elaborate on his taste in music, Francis, who made a surprise visit to a Rome record store last month, said he mostly likes classical music but also tango.

Asked if he had danced the tango as a young man in his native Argentina, Francis, 85, said “A porteño who does not dance the tango is not a porteño.” Porteño is the Spanish name for a resident of Buenos Aires, his home city.

In response to a question about war, Francis said: “Think about it. If we were to stop making weapons for one year, we could feed and educate the whole world. We have become accustomed to wars. It’s tough but it’s the truth.”

Francis did not elaborate on the source of the statistics he cited but in the past he has called for a total ban on nuclear weapons, saying even their mere possession for deterrence is immoral.

He also has called for armaments spending to be diverted to help the neediest and for research to prevent future pandemics.

Francis again called on the European Union to distribute migrants reaching Italy and Spain from North Africa to all EU countries so as not to put excessive social strain on a few countries.

The interview with the host of the popular Sunday program Che Tempo Che Fa (What’s the Weather Like?) was conducted via a satellite link from RAI studios in Milan with the Santa Marta residence in the Vatican where the pope lives.

Francis has shunned the spacious but insulated papal apartments in the Vatican’s Apostolic Palace used by his predecessors. He lives in a modest suite in Santa Marta, where he usually eats in the common area and takes the elevator by himself.

Francis said he had chosen to live there because he was “not a saint” like his predecessors and needed to be around people as much as possible. He said he had “few but real” friends. — Philip Pullella and Giulia Segreti/Reuters

Develop digital curriculum and reduce classroom lectures, say UP professors

February 7, 2022 | 2:46 pm

online-class-students — PHILIPPINE STAR/ MIGUEL DE GUZMAN

To close the gap in quality and equity in Philippine education, professors and academic authorities from the University of the Philippines (UP) said that “changes in modes of delivery and assessment must be geared toward measuring learning outcomes and developing lifelong learning pathways.”

“Certain skills are now needed that were not needed before,” said Cynthia B. Bautista, UP’s vice president for academic affairs, at a Feb. 3 webinar on higher education in the next normal. “We have to change the curriculum. It cannot be the same as before.”

Citing a 2021 study by McKinsey & Company on the skills needed in the future of work, she enumerated four curriculum aspects that will better serve students: cognitive, interpersonal, self-leadership, and digital.

Innovative, research-based classrooms may be more effective than any traditional setup with a professor lecturing the students, she said.

Patricia B. Arinto, dean of UP Visayas’ Tacloban college, said that in-person or synchronous classes shouldn’t be spent on lectures. Instead, a flipped model which involves students watching asynchronous or recorded lectures at home then going to school or online class for applied learning and activities is better.

“There’s consensus among education experts that flipped learning is the way to go,” she said. “We have to consider: informal learning takes place all the time. It’s gradeless.”

Micro-learning — shorter, bite-sized, more focused lessons — are even more doable for working students and those with fewer digital resources, added Dr. Arinto. Universities can also look into partnering with massive open online courses (MOOCs) like Coursera and FutureLearn to expand learning opportunities for students.

UP’s Dr. Bautista said that using learning outcomes as a metric was proposed in a paper by the Department of Education (DepEd) in 2012, but implementation has been inconsistent.

“All of us have struggled with it. In spirit, it’s something we have to work on,” she said.

For Dina S. Ocampo, professor at the UP College of Education, the key to improving quality and equity on the higher education level is first strengthening basic education.

“Continuity is an unbroken and consistent operation of a process,” she said. “We need to provide access to libraries and multimedia materials in communities and schools, and strengthen infrastructure for access to internet, technology, digital tools.”

The DepEd in December acknowledged that, in a world where blended education is becoming the norm, the Philippines has found it difficult to strengthen distance learning modalities. — Brontë H. Lacsamana

Russian attack on Ukraine possible ‘any day’ but diplomacy still an option — White House

February 7, 2022 | 1:58 pm

Russia-Flag — A RUSSIAN FLAG flies with the Spasskaya Tower of the Kremlin in the background in Moscow, Russia, Feb. 27, 2019. — REUTERS

WASHINGTON — Russian President Vladimir Putin could order an attack on Ukraine within days or weeks, White House national security adviser Jake Sullivan warned on Sunday, as Washington and its European allies continued efforts to offer Mr. Putin a diplomatic way out of the crisis.

“We are in the window. Any day now, Russia could take military action against Ukraine, or it could be a couple of weeks from now, or Russia could choose to take the diplomatic path instead,” Mr. Sullivan told the Fox News Sunday program.

Mr. Sullivan made the comments in television interviews after two US officials on Saturday said Russia, which seized Crimea from Ukraine in 2014, has in place about 70% of the combat power it believes it would need for a full-scale invasion of Ukraine.

As Russia masses more than 100,000 troops near the border, Moscow has said it is not planning an invasion but could take unspecified military action if its security demands are not met.

Those include a promise that NATO will never admit Ukraine, a demand the United States and the 30-nation Western security alliance have called unacceptable.

US President Joseph R. Biden, Jr., spoke to French President Emmanuel Macron on Sunday, the White House said. That call came ahead of a visit by Mr. Macron to Moscow on Monday, the culmination of days of French contacts with Russia and Ukraine to try to de-escalate tensions.

The 40 minute-long call between Messrs. Biden and Macron allowed the two leaders to coordinate ahead of the trip, a French Presidency source said.

If Mr. Putin is not deterred by the diplomatic push, possible Russian action could include annexing Ukraine’s Donbass region, where Russian-backed separatists broke away from Ukrainian government control in 2014, cyberattacks or a full-scale invasion of Ukraine, Sullivan said.

“We believe that there is a very distinct possibility that Vladimir Putin will order an attack on Ukraine,” Mr. Sullivan told ABC’s This Week program.

“It could happen as soon as tomorrow, or it could take some weeks yet. He has put himself in a position with military deployments to be able to act aggressively against Ukraine at any time now,” Mr. Sullivan added.

US TROOPS LAND IN POLAND
Ukraine, while seeking more military aid, has also sought to calm fears of an invasion. Foreign Minister Dmytro Kuleba on Sunday urged people to ignore “apocalyptic predictions,” saying his country was strong and had unprecedented international support.

Washington has made clear it would not send US soldiers to defend Ukraine, which is not a member of NATO.

However, Washington has given Kyiv arms and last week said it would send nearly 3,000 extra troops to Poland and Romania to shield Eastern Europe from potential spillover from the crisis.

A plane carrying US troops landed in Poland on Sunday, a Reuters witness said. On Wednesday, the Pentagon said around 1,700 service members, mainly from the 82nd Airborne Division, would deploy from Fort Bragg, North Carolina, to Poland.

Mr. Biden sent a message to the troops as he arrived at the White House after a weekend at his Delaware home. “We’re thinking of you,” he said, clenching his fist as he spoke to reporters.

Mr. Biden said he would not speculate on whether he might need to send more troops to Europe. Asked what Mr. Putin is weighing as he decides whether to pursue an invasion, Mr. Biden said the Russian president was looking for “things he cannot get.”

German Chancellor Olaf Scholz, who will meet Mr. Biden at the White House on Monday, signaled on Sunday he was open to deploying more troops to Lithuania to bolster NATO’s eastern flank.

’DIRECT IMPACT’ OF SANCTIONS
The United States, with its allies, has threatened extensive economic sanctions against Russia should it invade. These could include financial sanctions as well as export-control measures.

US Deputy Treasury Secretary Wally Adeyemo on Sunday said any sanctions would hit Putin and Russian elites hard given their reliance on Europe, which is Russia’s largest trading partner, and the US dollar.

“By the United States and Europe acting together, we put ourselves in a position where we not only would have an impact on the overall Russian economy but we’d have a direct impact on President Putin, who is tied to the Russian economy,” he told CBS News’ Face the Nation.

On a daily basis, Russian financial institutions do about $46 billion worth of financial transactions globally with 80% of those in dollars, Mr. Adeyemo said. Russia’s biggest trading partner is Europe, accounting for about 40% of Russian commerce.

Asked if Russia could instead just turn to China, Mr. Adeyemo said the severity of planned US sanctions and Russia’s ties with the West would make that difficult.

China “does not have access” to critical technologies Russia relies on from the United States and its allies, he told CBS.

“Russian elites, who would be cut off from the global financial system, are not putting their money in China. They’re putting their money in Europe and in the United States,” Mr. Adeyemo said. — Susan Heavey and Arshad Mohammed/Reuters

Ottawa mayor declares state of emergency to deal with trucking blockade

February 7, 2022 | 1:32 pm

People gather in the streets during a protest by truckers and supporters against coronavirus disease (COVID-19) vaccine mandates, in Toronto, Ontario, Canada, Feb. 5. — REUTERS/CARLOS OSORIO

OTTAWA — Ottawa Mayor Jim Watson on Sunday declared a state of emergency to help deal with an unprecedented 10-day occupation by protesting truckers that has shut down much of the core of the Canadian capital.

“[This] reflects the serious danger and threat to the safety and security of residents posed by the ongoing demonstrations and highlights the need for support from other jurisdictions and levels of government,” he said in a statement.

Mr. Watson, who complained earlier in the day that the demonstrators outnumbered police and controlled the situation, did not give details of what measures he might impose.

The “Freedom Convoy” began as a movement against a Canadian vaccine requirement for cross-border truckers but has turned into a rallying point against public health measures and Prime Minister Justin Trudeau’s government.

Amid residents’ fury at the lack of official response, Ottawa police relocated some protesters and put up fresh barricades on Sunday, saying they are “collecting financial, digital, vehicle registration … and other evidence that will be used in criminal prosecutions.”

They also announced they would clamp down on people attempting to bring in canisters to refuel the hundreds of large trucks blocking most roads in the city center.

Protesters have paralyzed downtown Ottawa for the past nine days, with some participants waving Confederate or Nazi flags and some saying they want to dissolve Canada’s government. Convoy organizers say they will not leave until the vaccine mandates are ended.

Canadian Public Safety Minister Marco Mendicino said on Sunday that the government would not back down on the issue.

“We put the question of vaccines and vaccine mandates on the ballot … in the [2021] election and we’re simply carrying out the promise that we made with the support of the vast majority of Canadians,” he said on CBC television.

Amid incessant horn blaring and occasional fireworks, a polished supply chain — including portable saunas, a community kitchen, and bouncy castles for children — has sustained the protesters.

The well-organized blockade has relied partly on funding from sympathizers in the United States, police said. GoFundMe took down the Freedom Convoy’s donation page, angering some US Republican lawmakers who pledged to investigate the move by the website.

Former US President Donald J. Trump and Tesla CEO Elon Musk have praised the truckers.

Police said they had charged four people with hate crimes and were investigating threats against public figures jointly with the US Federal Bureau of Investigation.

Mr. Trudeau, who is isolating after testing positive for coronavirus disease 2019 (COVID-19) last week, has ruled out using the military to disband the protest. Due to security concerns, Mr. Trudeau and his family left their downtown home last weekend and his location has not been disclosed.

The prime minister has said the convoy represented a “small fringe minority” and the government would not be intimidated. About 90% of Canada’s cross-border truckers and almost 79% of the population has had two COVID-19 vaccine shots.

Convoy organizers said they would refrain from using their horns on Sunday for four hours “as a gesture of goodwill.”

A senior member of the Liberal government said the ease with which the convoy shut down the area around the parliament and the seeming impotence of police was a “national humiliation.”

Senior opposition Conservatives who encouraged the protests, including taking selfies with truckers, did not reply to requests for comment. Last week, the party ditched its leader in part for not initially backing the blockade enthusiastically enough. — Lars Hagberg and David Ljunggren/Reuters

US, Japan, S. Korea to weigh N. Korea following recent missile launches

February 7, 2022 | 1:05 pm

WASHINGTON — The US special representative for North Korea will meet with Japanese and South Korean officials later this week, the US State Department said on Sunday, following a series of ballistic missile tests US officials said Pyongyang launched last month.

US Ambassador Sung Kim will travel to Honolulu from Feb. 10–15 to host a trilateral meeting “to discuss a broad range of issues, including the complete denuclearization of the Korean Peninsula,” the department said in a statement.

North Korea has long been banned from conducting nuclear tests and ballistic missile launches by the UN Security Council, but the United States and others have said it carried out nine ballistic missile launches in January — the most in a single month in the history of the country’s nuclear and missile programs.

The United Nations, in a confidential report seen by Reuters, said North Korea continued to develop its nuclear and ballistic missile programs during the past year in addition to cyberattacks on Cryptocurrency exchanges.

Japanese Director-General for Asian and Oceanian Affairs Funakoshi Takehiro and South Korea’s Special Representative for Korean Peninsula Peace and Security Affairs, Noh Kyu-duk, will also attend the meetings.

“The US will reiterate its commitment to regional security and lasting peace on the Korean Peninsula,” at a Feb. 12 Trilateral Ministerial meeting, the department added. — Reuters

Ahead of election, South Korea’s long-frenzied housing market shows signs of cooling

February 7, 2022 | 12:32 pm

SEOUL — Seoul’s housing market, one of the most unaffordable in the world, has begun to show signs that its red-hot five-year boom could be running out of steam — just in time for the March presidential vote.

Housing is one of the biggest issues in the neck-and-neck election, with prices in the capital having doubled since 2017 when President Moon Jae-in first took office, leaving many millennials facing a lifetime of financial insecurity.

An average apartment in Seoul, for instance, is estimated to cost around 18 years of South Korea’s median annual household income, up from 11 years in 2017.

Recent data, however, has lent weight to the view that restrictions on loans, hikes in interest rates and pledges to massively boost the supply of homes by both presidential candidates have begun to have an effect.

South Korean residential property transactions plunged 62% in December to 53,774 from a year earlier — the smallest number for the month since 2008 when the market was battered by the global financial crisis.

Additionally, a weekly index for Seoul’s apartment price growth edged 0.1% lower for the last week of January, the first decline in 20 months.

Analysts also note that there’s been a natural lull in activity as people wait to see if the March 9 election will bring about changes to capital gains taxes and other levies.

“Loan restrictions and higher borrowing costs began to really cool the market towards the end of last year and even serious buyers and sellers are waiting for policy changes so we’re in for a quiet market for months to come,” said Yeo Kyoung-hui, a property market analyst at Real Estate 114.

“It’s possible that we will see supply outpace demand going forward.”

A narrow majority, 51%, of some 500 property market experts expect South Korean home prices to decline this year, according to a survey by the Korea Development Institute in January. Around 30% see further price gains while the rest either expect no change or a year of both price increases and falls.

“A sharp downturn is unlikely, but it does look like the market has turned a corner with interest rates set to rise further,” said Park Hab-soo, a professor of real estate studies at Konkuk University.

The election will pit Lee Jae-myung, chosen by the Democrats to succeed Mr. Moon, against Yoon Suk-yeol from the conservative People Power Party. Recent polls show they both have 35% of voter support.

Mr. Lee has sought to distance himself from Mr. Moon’s property market policy failures and has pledged to build about 2.5 million homes through public housing.

Mr. Yoon has made a similar pledge and has also promised to loosen curbs for first-time buyers so they can borrow up to 80% of a home’s value. That compares with a current cap of 40% for those in the capital region. — Cynthia Kim/Reuters

Cebu Landmasters, Inc. fuels expansion, diversifies portfolio

February 7, 2022 | 12:30 pm

Ming-Mori Dev _ Mng by Cebu Landmasters — CLI will develop and manage the 100-hectare Minglanilla Techno Business Park (Ming-Mori) masterplanned by globally acclaimed Singapore-based Surbana Jurong Consultants, one of the most successful urban and infrastructure consulting firms in Asia with projects in over 30 countries. Ming-Mori is envisioned to be a regional growth center designed to be sustainable and responsive to the environment.

Rising above the COVID-19 crisis, Cebu Landmasters, Inc. (CLI) has emerged stronger with its financial growth and continuous expansion in 2021.

The leading property developer in Visayas and Mindanao (VisMin) made record-breaking reservation sales of P16.5 billion in 2021, 16% greater than its P14.25 billion in 2020.

CLI accelerated the demand for housing in its geographic scope by launching 3,865 units in 10 projects worth P18 billion, more than the eight projects launched in 2020 worth P11.5 billion.

By the end of 2021, 96% of CLI’s completed projects were already sold out, and 86% were taken up in developments still under construction. The newly launched projects have been sold out by 70%. Overall, 85% of CLI’s portfolio at different project stages has been sold.

The Php3 billion Costa Mira Beachtown Mactan with 659 units is CLI’s first venture into beachfront condominium communities that highlight resort living. The property is now 92 percent sold just a month after market introduction.

Among CLI’s new offerings is its venture to beachfront condominium communities that promotes resort living. Costa Mira Beachtown Mactan, the first of its beach series, is built with 659 units valued at P3 billion. Only a month after its market debut, the integrated beachfront community has already been sold by 92%. It accounted for 17% of CLI’s total sales in 2021.

Meanwhile, in terms of market category, CLI’s economic housing brand Casa Mira contributed 41% in its sales, followed by the high-end Premier Masters with 31%, and the mid-market Garden Series at 27%.

Developments in Cebu continued to be the leading driver of CLI’s sales in terms of location, accounting for 48%. Iloilo followed with 17%, then Cagayan de Oro with 13%. The rest of the sales came from Davao, Ormoc, Bacolod, and Bohol.

New ventures, groundbreaking developments

CLI is at the forefront of meeting the sustained housing demand in VisMin with fresh inventory to be released this year to optimize its current land bank of 100 hectares worth P12 billion. In addition to the 40 hectares it acquired last year, an expansion to new areas like Palawan, and more properties are under negotiation.

To further accelerate its expansion in the coming years, CLI has also ventured into new growth segments and groundbreaking developments, strengthening its real estate portfolio.

The Pad is CLI’s co-living brand, with over 200 rooms in Banilad High Street, a mixed-use property developed by CLI that will have a retail space and a self-storage facility.

Entering the co-living segment, CLI has launched its first brand, The Pad in Banilad, built with 300 rooms as well as a retail area and storage facility in a central location in Cebu City.

CLI is also developing a regional growth center as it broke ground of Minglanilla Techno Business Park (Ming-Mori), a 100-hectare reclamation and technohub project in Minglanilla located southwest of Cebu City. In August 2021, CLI increased its stake to 80% in Ming-Mori Development Corp., the developer of the industrial park targeted to be completed by 2025.

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CLI also leads the development of a 14.3-hectare Manresa Town in uptown Cagayan de Oro, a university township that will blend seamlessly with the Xavier University Masterson Campus dubbed as the Campus of the Future.

Groundworks and road preparation are ongoing in Davao Global Township (DGT), CLI’s first township project that will transform the 22-ha Davao Golf Club into a central business district in Davao. Phase 1, which will be launched soon, includes a corporate center, two premier residential towers, the DGT Cultural Center and lifestyle mall DGT City Center. DGT recently received an honor from the PropertyGuru Asia Property Awards 2021 as the Best Township in Asia.

Meanwhile, groundworks and road preparation are ongoing in Davao Global Township (DGT), CLI’s first township project that will transform the 22-ha Davao Golf Club into a central business district in Davao. Phase 1, which will be launched soon, includes a corporate center, two premier residential towers, the DGT Cultural Center and lifestyle mall DGT City Center. DGT recently received an honor from the PropertyGuru Asia Property Awards 2021 as the Best Township in Asia.

Set to be completed in 2024, the new Abaca Resort Mactan is CLI’s very first resort development and will feature a timeless Sky Villas concept to serve as the platform for memorable getaways. The photo above is a perspective of Büro Ole Scheeren’s architecture and innovative design of the re-imagined luxury resort to open in 2024.

Also preparing for the recovery of the tourism sector, CLI embarks on resort developments in Cebu through the beach resort Abaca Resort Mactan and the Magspeak Mountain Resort. The company also introduced five-star Sofitel Cebu City and Mercure Cebu Downtown in partnership with multinational chain Accor, a world leading hospitality group headquartered in France and the largest hospitality company in Europe.

With the Philippine real estate industry poised for rebound this year according to experts and CLI’s new ventures, the leading VisMin developer is optimistic that it will continue its growth trajectory this year and beyond.

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