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Real Madrid, Barcelona, Athletic Bilbao sue LaLiga over CVC deal

MADRID — Real Madrid, Barcelona and Athletic Bilbao are taking legal action against LaLiga over a €1.994-billion private equity deal that the administrators of elite Spanish soccer agreed last week, the clubs said on Wednesday.

All but five of the 42 clubs in the top two divisions signed up to the €1.994 billion ($2.24 billion) investment from CVC Capital Partners, the first of its kind in Europe.

Four clubs, including the top flight trio, opted out and one abstained.

The deal was “an illegal transaction that causes irreparable damage to the entire Spanish football sector and flagrantly violates the most elementary principles of Spanish sports law and the LaLiga statutes,” Real Madrid, Barcelona and Athletic Bilbao said in a statement announcing legal action and published on their websites.

The agreement, dubbed “LaLiga Boost,” buys CVC an 8.2% stake in a new company that will get broadcasting revenues and sponsorship rights for 50 years.

It commits clubs to allocating 70% of funds for investments to new infrastructure and modernization projects. Up to 15% can be used to sign players, with the remaining 15% for reducing debt.

The CVC deal looked at risk of unravelling last week when Barcelona, Real Madrid and Athletic Bilbao proposed an alternative proposal for JPMorgan, Bank of America and HSBC to jointly lend €2 billion in exchange for a fixed annual payment of €115 million over 25 years, a document seen by Reuters showed.

Barcelona and Real Madrid were also among the driving forces behind a failed plan to launch a breakaway European Super League earlier this year, and vowed to continue to try to set it up. — Reuters

Clubs spend $500M in agents fees

MANCHESTER, England — Soccer clubs spent $500.8 million in fees to agents in 2020, more than in the previous year, despite a drop in spending on transfers, the International Federation of Association Football (FIFA) said in a report published on Wednesday.

FIFA said that club spending on transfer fees shrank for the second year in a row, due to the impact of the coronavirus disease 2019 (COVID-19) pandemic, but that “this decrease did not carry over to spending on intermediary service fees, which remained on the same level as in 2020 and even slightly increased by 0.7%.”

European clubs accounted for 95.8% of the total spent on ‘intermediary service fees,’ with clubs from England ($133.3m), Germany ($84.3m), Italy ($73.5m), Spain ($34.8m), France ($30.3m) and Portugal ($29.3m) responsible for 77% of the total sum worldwide.

The FIFA report comes as world soccer’s governing body is seeking to alter regulations for football agents. — Reuters

Changing the game

It was, perhaps, only fitting that Stephen Curry set the record for career three-point shots made in The Mecca of Basketball. And as he celebrated the 2,974th trey he has made since he joined the Warriors in 2009, the overflow crowd of 19,812 at the Madison Square Garden — typically jaded and too preoccupied with other interests to be bothered with watching proceedings on the court — celebrated with him. Fans rightly cheered for the leading Most Valuable Player candidate’s accomplishment, never mind that it helped seal the Knicks’ fourth straight loss and seventh setback in the last eight outings.

Needless to say, Warriors head coach Steve Kerr made sure Curry had more than enough time to bask in the feat. He promptly called time out, and the festivities intensified. Erstwhile record holder Ray Allen was even in the building, and made sure to acknowledge the milestone with a hug and a hearty smile. To be fair, it wasn’t a changing of the guard; the ascent to the throne of the greatest shooter in pro hoops history was as inevitable as the sun rising in the east. Rather, it was an appreciation of the singular skill of the 6’2”, 185-pound guard who lasted all the way to seventh in the 2009 draft.

Indeed, Curry didn’t exactly hit the ground running in the land of the giants. He did start 77 of 80 games in the Warriors’ 2009-10 campaign, but he took just 14 shots in 36 minutes per outing. Injury practically wiped out his third season, but, amid speculation that he had putty for ankles, he wound up flourishing when Kerr assumed the mantle in 2014. Three championships and two MVP awards later, he is again taking the National Basketball Association by storm.

That the Warriors are pacing the league despite vital cog Klay Thompson’s continued absence speaks volumes about Curry’s status as first among equals. And, certainly, part of his universal appeal stems not just from his everyman persona, but from his comfort and comfortability in his own skin. He doesn’t act like an Alpha Male; at the height of his powers, he welcomed fellow MVP Kevin Durant with open arms, even going so far as to defer to the new addition to the roster. Which, in a nutshell, is why all and sundry happily doffed their hats to him, and why he doffed his hat to all those who helped him reach the summit.

As outstanding as Curry is at getting his own shot, he was right to give longtime teammates Draymond Green, Andre Iguodala, and Thompson engraved Rolexes for their assists (literally); of his made threes, 479, 168, and 129, respectively, came off dimes from the three. Durant is third on the list with 153; little wonder, then, that the 11-time All-Star couldn’t resist tweeting “Send the Rollie” in response. Bottom line, though, he deserves the spotlight — for changing the game while being, well, himself. Enough said.

 

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.

Arsenal knocks West Ham out of top four with derby win

LONDON — Arsenal moved into the Premier League’s top four at West Ham United’s expense as goals by Gabriel Martinelli and Emile Smith Rowe earned a 2-0 win in a lively London derby on Wednesday.

Brazilian forward Martinelli struck just after halftime with a clinical finish and substitute fellow youngster Smith Rowe eventually gave a dominant Arsenal some welcome breathing space with a superb 87th-minute effort.

It could have been a more comfortable night for Arsenal had Alexandre Lacazette, captain again in place of the disciplined Pierre-Emerick Aubameyang, not had his penalty saved midway through the second half.

West Ham, for whom Vladimir Coufal was red-carded after conceding the penalty, failed to produce the kind of form that has seen them stationed in the top four since October.

They huffed and puffed and threatened sporadically but home keeper Aaron Ramsdale’s only real save was from a Jarrod Bowen effort shortly after Martinelli’s opener.

Victory hoisted Arsenal up two places into fourth spot with 29 points from 17 games with West Ham on 28.

The pre-match buildup had been dominated by Arsenal’s decision to strip Aubameyang of the captaincy for another lapse of discipline. But just as in the comfortable win against Southampton at the weekend, Arsenal did not miss him.

Mikel Arteta’s side responded with a vibrant second-half display after a rather scrappy opening half hour, with French forward Lacazette, who also wore the armband against Southampton, leading by example.

“Really pleased with the attitude, the commitment, the quality that we showed in the game,” Arteta told reporters.

“The players play for the club and the pride that we expect from them. I was really happy from the beginning, because we knew that we had to play really good today to beat West Ham.”

On Lacazette’s leadership, Arteta added: “He’s next in line. It’s in his nature. He’s not a selfish player. He’s a player that’s happy when he makes the team better.”

‘GOOD INTENSITY’

Disappointing as they were, West Ham’s players were furious at Anthony Taylor’s decision to show Coufal a second yellow card. Replays showed he had made contact with the ball before sending Lacazette tumbling for the penalty, although Moyes was in no mood to make excuses.

“I didn’t think a lot of our performance generally, Arsenal played well with good intensity and we couldn’t deal with it,” Moyes said. “(Coufal) got the ball, but he should have got more of the ball.”

A frantic opening half saw West Ham’s Craig Dawson slice the first chance of the night high and wide while Pablo Fornals curled a right-footed effort wide for the visitors.

But as halftime approached Arsenal were dominating and were close to taking the lead when Kieran Tierney’s fiercely-struck shot was touched on to the crossbar by keeper Lukasz Fabianski.

Fabianski was then alert to keep out Lacazette’s shot before Dawson produced a goal-saving tackle to stop Martinelli pouncing on the rebound.

It did not take Arsenal long to take the lead in the second half as Lacazette was given too much space and time to slide a pass through to Martinelli who calmly shot past Fabianski.

Lacazette was a constant menace and went down under a challenge from Coufal and the referee pointed to the spot, before showing the Czech defender a second yellow card.

Fabianski saved Lacazette’s spot kick and as further chances went begging it seemed Arsenal might pay for their failure to finish off the lackluster visitors.

But Smith Rowe came off the bench and soon raced on to a pass by the impressive Bukayo Sako before curling home left-footed to make the points safe. — Reuters

Packers, Bucs can clinch divisions with ties in Week 15

THE Green Bay Packers, Tampa Bay Buccaneers and Arizona Cardinals have the easiest paths to the playoffs in Week 15, all needing just a tie to earn a trip to the postseason.

The difference is the Packers (10-3) can clinch the National Football Conference (NFC) North just by tying the Baltimore Ravens and the Bucs (10-3) can do the same in the NFC South with a tie against New Orleans. The Cardinals (10-3), meanwhile, will clinch a playoff berth but not the NFC West with at least a tie in Detroit.

The Packers would still clinch the division with a loss in Baltimore if the Minnesota Vikings (6-7) lose or tie on Monday night against Chicago.

No team has clinched a playoff berth through the first 14 weeks.

Another division could get clinched in the NFC on Sunday as well.

The Dallas Cowboys (9-4) need a win over the New York Giants and help to clinch the NFC East. A loss or tie by Washington would do it for the Cowboys, provided they win.

The Rams (9-4) could clinch a playoff spot with a tie or win against Seattle, plus help.

In the American Football Conference (AFC), the Tennessee Titans (9-4) will clinch the AFC South with a win in Pittsburgh and a loss by the Indianapolis Colts.

The only other team in the AFC that could punch its ticket to the playoffs is the New England Patriots (9-4), who need a win over the Colts and help. The Colts and Patriots play on Saturday night. — Reuters

Devonte’ Graham’s 61-foot prayer at buzzer stuns Thunder

DEVONTE’ Graham made one of the greatest game-winning buzzer-beaters in National Basketball Association (NBA) history, banking in a 61-footer to give the New Orleans Pelicans a thrilling 113-110 win over the Oklahoma City Thunder on Wednesday.

Just moments before Graham’s heave from three-quarters court, the Thunder’s Shai Gilgeous-Alexander nailed a deep 3-pointer of his own with 1.4 seconds left to tie the game. Gilgeous-Alexander’s 30-footer came as he was avoiding a foul that would have sent him to the free-throw line for two shots.

However, Graham stole the show moments later, taking one dribble and launching from near the opposing 3-point arc. His miracle shot sent Oklahoma City to its third consecutive loss and 13th in 16 games.

According to ESPN, Graham’s shot was the longest game-winning buzzer-beater in the NBA in the last 25 years. Additionally, ESPN noted that Wednesday’s thriller marked the first game in the last 25 seasons to feature two tying or go-ahead baskets of at least 30 feet in the final five seconds of a game.

Before Graham’s shot, Brandon Ingram (34 points) scored the Pelicans’ previous 10 points. He tied the game with a layup and then put the visitors ahead with a steal and a dunk on the next possession.

Jonas Valančiūnas had 19 points and 16 rebounds for New Orleans, while Graham added 15 points and eight assists.

Gilgeous-Alexander scored 33 points to lead the Thunder, making all nine of his free throws. In fact, Oklahoma City made all 19 of its free-throw tries — 14 in the fourth quarter.

The Thunder bench scored 52 points, including 17 from Kenrich Williams and 16 by Mike Muscala. Williams tied a career high with five 3-pointers.

Through three quarters, the Pelicans held a 26-5 edge in free-throw attempts. But in the fourth quarter, Oklahoma City got to the line repeatedly, including Muscala being fouled twice by Garrett Temple on 3-point tries during a 30-second stretch early in the fourth.

Going toe-to-toe with Ingram, Gilgeous-Alexander hit a 3-pointer with just under 30 seconds left to pull Oklahoma City within one. He then made a pair of free throws to keep the game within reach before drilling his fourth 3-pointer just before Graham’s desperation shot stunned the home crowd. — Reuters

Seven of 8 Omicron close contacts test negative

EN.WIKIPEDIA.ORG

SEVEN of the eight people who had close contact with two carriers of the highly mutated Omicron coronavirus variant in the Philippines have tested negative, according to the Department of Health (DoH). 

The only close contact of a returning Filipino from Japan tested negative for the coronavirus on Dec. 4, Health Undersecretary Maria Rosario S. Vergeire told a televised news briefing on Thursday. 

Six of the seven people who had close contact with a Nigerian who came to the Philippines this month had also tested negative, she added. Health authorities had yet to find his seventh close contact. 

The Philippines on Wednesday reported its first two cases of the Omicron variant, which the World Health Organization (WHO) said was spreading faster globally than any previous strain. 

One was a returning Filipino from Japan who arrived on Dec. 1 via Philippine Airlines and the other was a Nigerian who arrived on Nov. 30 via Oman Air. 

Both were currently not showing symptoms, but the Filipino had a cold and cough when he arrived, DoH said on Wednesday. Both were under quarantine. 

Ms. Vergeire said the 48-year-old Filipino had only close contact because he was seated in the business class of Philippine Airlines flight PR 0427. 

The Nigerian was seated at the back of the plane of Oman Air flight WY 843. People seated in front of him and by his side were tagged as close contacts, Ms. Vergeire said. 

“Passengers of the plane with individuals who carried the Omicron variant got quarantined for five days and were tested,” she said in Filipino. “They tested negative so they went home.” 

“They are not a threat to our community,” Ms. Vergeire said.” Chances are low they have the illness.” 

Both Omicron variant patients have been isolated and were closely being monitored with continuous RT-PCR tests. 

Passengers of both flights should monitor themselves and contact DOH or their local government if they show any symptoms, Ms. Vergeire said. 

She added that there was no need to raise coronavirus lockdown levels for now. All provinces and cities will be under Alert Level 2 for the rest of the year. 

“We do not need to panic,” Ms. Vergeire said. “We just need to be cautious. We just need to be aware. We just need to be focused.” 

She also saw no need to close Philippine borders, adding that the government should balance health and the economy. 

“We need to understand how this can affect our economy and our foreign relations, but of course our priority will always be public health,” she said. “For now, it is not rational for us to close our borders to countries that have only one [Omicron case].” 

An inter-agency task force on Dec. 15 announced a travel ban on eight territories — Andorra, France, Monaco, Northern Mariana Islands, Reunion, San Marino, South Africa and Switzerland. 

Effective Dec. 16 to 31, vaccinated and unvaccinated travelers from these “high-risk” areas that are part of the so-called red list will be banned from entering the Philippines, Mr. Nograles said. 

Only Filipinos who are being repatriated from these countries will be allowed entry. 

The Overseas Workers Welfare Administration last week said at least 100,000 migrant Filipino workers have come home for the holiday. 

Airline passengers may only board a plane once they test negative three days before departure. Children aged three years and younger are exempted from the requirement. 

Passengers from countries classified as safe must be quarantined until RT-PCR results taken on the third day upon arrival come out. Unvaccinated and partially vaccinated travelers will go through the same restrictions except that they should be tested on the seventh day. 

For passengers coming from yellow list or moderate risk countries, the protocols are the same except that the test for the vaccinated will be done on the fifth day, while home quarantine will end on the 14th day. 

Vaccinated and unvaccinated travelers from red list countries will undergo similar tests on the seventh day, but the latter must stay until the 10th day regardless of the test results. Both must also do home quarantine until the 14th day. 

The Bureau of Quarantine on Thursday said it would enforce the updated policy on territories placed under the green, yellow and red lists. — Norman P. Aquino 

DoH logs 289 more coronavirus cases, 47 additional deaths

PHILIPPINE STAR/MICHAEL VARCAS

THE DEPARTMENT of Health (DOH) reported 289 coronavirus infections on Thursday, bringing the total to 2.84 million. 

The death toll hit 50,496 after 47 more patients died, while recoveries increased by 380 to 2.78 million, it said in a bulletin. 

There were 10,095 active cases, 549 of which did not show symptoms, 3,870 were mild, 3,442 were moderate, 1,845 were severe and 389 were critical. 

The agency said 89% of the reported cases occurred from Dec. 3 to 16. The top regions with cases in the past two weeks were Metro Manila with 70, Calabarzon with 27 and Central Visayas with 26. 

It added that 11% of the reported deaths occurred in December, 9% in November, 53% in October and 21% in September. 

DoH said nine duplicates had been removed from the tally, nine of which were reclassified as recoveries, while 40 recoveries were relisted as deaths. 

It added that 179 patients had tested negative and were removed from the tally. Four laboratories did not operate on Dec. 14, while three failed to submit data. 

The agency said 22% of intensive care units in the Philippines were occupied, while the rate for Metro Manila was 23%. 

The government has fully vaccinated 42.6 million Filipinos, while 55.6 million have received their first dose as Dec. 15, according to DOH data. 

Meanwhile, the country’s vaccine expert panel would recommend to the local Food and Drug Administration (FDA) to allow coronavirus booster shots three months after the second dose from six months now, Health Secretary Francisco Duque said. 

He issued the statement after the Philippines reported its first two cases of the Omicron variant on Dec. 15. A Filipino who came home from Japan and a visiting Nigerian had tested positive for the highly mutated coronavirus variant. 

The FDA earlier allowed the use of Sinovac, AstraZeneca, Moderna, and Pfizer as COVID-19 booster shots for people who got their second dose six months earlier, and three months earlier for those who got infected with the Janssen vaccine. 

The government took delivery on Wednesday of more than a million coronavirus vaccines it bought. 

It said 1.19 million Pfizer vaccines bought through the Asian Development Bank and National Task Force Against COVID-19 arrived on Wednesday night. 

Earlier in the day, about four million vaccines, donated by the United Kingdom, Germany and the Netherlands also arrived. 

Vaccine czar Carlito G. Galvez, Jr.  on Monday said the government would receive 24 million doses of coronavirus vaccines this week. 

The deliveries are more than the usual 7 million doses that the state gets in a week. 

The shipments include vaccines bought by the government and donated by various countries, he told a taped Cabinet meeting on Monday night. 

He said about 52 million vaccine doses would arrive this month. 

The Philippines on Monday night received 1.53 million doses of the single-dose vaccine made by Janssen Biotech Inc. 

The latest shipment of Janssen vaccines was donated by The Netherlands. Two more batches from Amsterdam are set to arrive this month. 

The government has taken delivery of almost 167 million coronavirus vaccines as of Dec. 14. — Alyssa Nicole O. Tan 

Regional Updates (12/16/21)

Typhoon Rai makes several landfalls

TYPHOON Rai made another landfall over Liloan, Southern Leyte on Thursday afternoon, hours after it hit land over Dinagat Islands and Siargao Island in Surigao del Norte in southern Philippines, according to the local weather bureau. 

Locally named Odette, the country’s 15th storm this year was expected to continue moving westward and might make another landfall over Southern Leyte. 

The center of the tropical cyclone was also expected to cross several provinces in Central and Western Visayas before emerging over the Sulu Sea on Friday morning. 

“After passing near or in the vicinity of either Cuyo or Cagayancillo archipelago, Odette is forecast to cross the northern or central portion of Palawan tomorrow afternoon or evening before emerging over the West Philippine Sea,” it said. 

The storm might weaken as it crosses Visayas and Palawan, but it was forecast to remain a typhoon. 

People and disaster risk reduction and management offices should take measures to protect life and property, the agency said. Persons living in hazardous areas should follow evacuation and other instructions from local officials, it added. 

The storm was packing maximum sustained winds of 195 kilometers per hour (kph) with gusts of 270 kph, the weather bureau said. 

Earlier in the day, the US Navy and Air Force’s Joint Typhoon Warning Center in Hawaii said Typhoon Rai had become a super typhoon. 

The typhoon “has undergone a period of extremely rapid intensification, which was not previously forecast and while track has not significantly changed, the intensity forecast has been increased dramatically,” it said. — Norman P. Aquino 

Group opposes Zambales causeway project 

A GROUP of environmentalists and fishermen has opposed a plan to build a causeway and jetty port in San Narciso, Zambales. 

Ricardo Reyes, president of Save Zambales Kalikasan Movement said the causeway and jetty port project is destructive and illegal. 

“The government cannot change our local economy, which is driven by tourism, fishing and agriculture with a very destructive industry such as mining,” he said in a statement on Thursday. “We will end up with no marine and forest resources and the ones benefiting from this change will be the miners.” 

The causeway project, which the local government of San Felipe recently approved, is one of five infrastructure projects that will serve companies hauling lahar from Mt. Pinatubo to other parts of the country, the group said. 

The causeway will reclaim the Alusiis River in San Narciso and turn it into a road network connected to the river dike road, while the private jetty port will be used by trucks hauling mudflow from the slopes of the volcano, it added. 

Adonis Rellaniza, president of Bangus Fry Catchers Association of San Narciso, Zambales said the project could harm their milkfish fingerling industry. “Once the ports are here, off-shore mining will be possible and made legal. We will lose our shores, we will suffer from massive coastal erosion and our communities will be wiped out.” he said in the statement. 

The Environment department and AGN Trading, which is leading the project, did not immediately reply to an e-mail and text message seeking comment. — Luisa Maria Jacinta C. Jocson 

Peso soars as BSP retains rates

BW FILE PHOTO

THE PESO rallied on Thursday to return to the P49-per-dollar level as the central bank kept rates unchanged and as the stock market posted gains.

The local unit ended trading at P49.96 per dollar on Thursday, gaining 31 centavos from its P50.27 close on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened Thursday’s session stronger at P50.20 against the dollar. Its weakest showing was at P50.22, while its intraday best was at P49.96 versus the greenback.

Dollars exchanged increased to $826.63 million on Thursday from $650.8 million on Wednesday.

The peso’s strength was fueled by positive market sentiment after the Bangko Sentral ng Pilipinas (BSP) kept benchmark interest rates at record lows, as expected, a trader said in an e-mail.

The Monetary Board held fire for its seventh straight policy review on Thursday. This was in line with expectations of all 15 analysts polled by BusinessWorld last week.

BSP Governor Benjamin E. Diokno said they see scope to remain patient “amid a manageable inflation environment.”

“At the same time, downside risks to the economic recovery emanate from the emergence of new coronavirus disease 2019 variants as well as the potential tightening of global financial conditions,” Mr. Diokno said in an online briefing.

“Hence, preserving ongoing monetary policy support at this juncture shall help sustain the economy’s momentum over the next few quarters,” he added.

The market also factored in gains at the local stock market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The benchmark Philippine Stock Exchange index gained 100.68 points or 1.41% to close at 7,233.46 on Thursday.

The broader all shares index likewise increased by 53.52 points or 1.41% to finish trading at 3,836.11.

For Friday, Mr. Ricafort gave a forecast range of P49.85 to P50.10 per dollar, while the trader expects the local unit to move within P49.75 to P50. — L.W.T. Noble

PHL stocks rise on bargain hunting, BSP decision

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE SHARES rose on Thursday on bargain hunting following a sharp sell-off the previous session and the central bank’s decision to keep benchmark rates steady.

The 30-member Philippine Stock Exchange index (PSEi) climbed 100.68 points or 1.41% to close at 7,233.26 on Thursday, while the broader all shares index inched up 53.52 points or 1.41% to 3,836.11.

“Local stocks have recovered on bargain hunting after a sharp sell-off yesterday as the market has already digested the news on the confirmation of the first two local cases of the Omicron strain,” Papa Securities Corp. Equities Strategist Manny P. Cruz said in Viber message.

The Department on Health announced on Wednesday that the country recorded its first two cases of the new coronavirus variant from a returning overseas worker from Japan and a passenger from Nigeria.

“Market recovered on the Bangko Sentral ng Pilipinas’ (BSP) decision to keep rates steady, suggesting favorable financing conditions onwards, supportive of economic and corporate earnings growth onwards,” First Metro In-vestment Corp. Head of Research Cristina S. Ulang said in a Viber message.

The BSP’s policy-setting Monetary Board, at its meeting on Thursday, decided to keep borrowing costs at record lows to continue supporting the economy even as inflation risks lean toward the upside.

All sectoral indices closed in the green on Thursday. Services gained 54.47 points or 2.79% to end at 2,002.46; industrial increased 158.06 points or 1.54% to 10,389.38; holding firms jumped 87.83 points or 1.26% to 7,028.18; financials rose 12.38 points or 0.77% to 1,620.30; mining and oil added 68.72 points or 0.75% to 9,167.55; and property went up 17.41 points or 0.54% to 3,201.87.

Value turnover jumped to P87.52 billion with 2.92 million issues switching hands on Thursday from the P11.35 billion with 1.33 billion shares traded the previous session.

Advancers outnumbered decliners, 109 versus 65, while 54 names closed unchanged. Net foreign buying sank to P79.44 million yesterday from the P237.63 million recorded the previous trading day.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said traders will look at US economic data to be released in the next few days, including the initial jobless claims and housing starts reports.

This is after the US Federal Reserve said on Wednesday it would end its pandemic-era bond purchases in March and pave the way for three quarter-percentage-point interest rate hikes by the end of 2022.

“The economy no longer needs increasing amounts of policy support,” Fed Chair Jerome Powell said in a news conference in which he contrasted the near-depression conditions at the onset of the coronavirus pandemic in 2020 with today’s environment of rising prices and wages and rapid improvement in the job market, Reuters reported.

Mr. Limlingan put the PSEi’s support at 7,100 and resistance at 7,260. — MCL with Reuters

Nationwide round-up (12/16/21)

PHILIPPINE STAR/ MICHAEL VARCAS

Labor leader seeks farm import cuts

A LABOR leader who is running for president next year said the government should cut imports and focus on supporting local farmers. 

“Why should we import things that we can grow?” Leodegario “Ka Leody” Q. de Guzman told an online agricultural forum in Filipino on Thursday. “It’s a shame that we are an agricultural nation but we import onion, garlic, ginger and just recently, round scad.” 

The labor leader said the government should resolve farm problems because agriculture is the foundation of the Philippine economy. 

The country’s agricultural trade was in a deficit of $2.4 billion (P120 billion) in the third quarter, 18.3% wider than a year earlier. Farm imports grew 15.8% to $4.16 billion, while exports expanded by 12.5% to $1.76 billion. 

The top import commodities were cereals and grain products worth more than $900 million. 

Mr. De Guzman said the government should help farmers produce more so the country could export to other countries and create more jobs. Farmers should diversify crop production, he added. 

He also cited the untapped potential in the mining industry, noting that minerals are exported immediately and are not used for the country’s industrialization. 

“Our policy is geared toward being import-dependent and export-oriented.” 

In October, Mr. De Guzman vowed to repeal the Rice Tariffication law, reorient the economy to meet domestic needs and prioritize the welfare of farmers if he gets elected. — Luisa Maria Jacinta C. Jocson 

House bill to require autopsies 

A BILL that seeks to require an autopsy on bodies of crime victims and people who died under suspicious circumstances has been filed at the House of Representatives. 

Samar Rep. Edgar Mary S. Sarmiento filed House Bill 10620 or the Mandatory Autopsy Law to “take advantage of medical procedures to push for the overall improvement of the criminal justice system in the country.” 

Under the bill, the autopsy will be done by government health officers, medical officers of law enforcement agencies and doctors from accredited hospitals. It also prohibits the cremation of human remains under investigation without clearance from police. 

The autopsy may be done without a court order as required by the Code of Sanitation of the Philippines. The law allows autopsies when required by special laws, when requested by police or a victim’s next of kin. — Russell Louis C. Ku 

DoH urged to lift drug limits

A CONGRESSMAN has urged the Health department to suspend the limits on prescription and over-the-counter drugs for senior citizens to minimize their risk of getting infected with the coronavirus. 

Party-list Rep. Rodolfo M. Ordanes who heads the committee on senior citizens of the House of Representatives, issued the call in House Resolution 2420. 

Under the law, any single sale of prescriptive drugs to senior citizens should not exceed more than a month’s supply, while over-the-counter drugs are limited to a seven-day supply. 

Mr. Ordanes said seniors have had to visit their doctors or the local government health center more often than necessary to get the drugs they need. 

“The limitation also forces senior citizens to go out every week just to purchase their needed over-the-counter and prescription drugs,” according to a copy of the resolution. 

The congressman earlier said vaccination sites should accept walk-ins for senior citizens, seriously ill and persons with disabilities. — Russell Louis C. Ku 

Filipina wins human rights award 

A FILIPINO human rights advocate won a French-German award this year for her work in helping human rights victims including political prisoners, according to Karapatan group. 

In a statement, the group said Secretary General Cristina Palabay had won the 2021 French-German Ministerial Prize. The award was presented to her in Taguig City on Wednesday. 

“This award proves that the allegations being thrown against Cristina Palabay are not only baseless but a rebuke of the very government that has made a state policy out of red-tagging and criminalization of activism,” Kapatid Spokesperson Fides Lim, wife of a political prisoner and a National Democratic Front peace consultant, said in the statement. 

Ms. Palabay has led Karapatan, which brings together human rights defenders and organizations, since 2010. She also co-founded the Gabriela Women’s Party, a political party that advocates women’s rights. — Alyssa Nicole O. Tan 

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