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PWD financial inclusion seen expanding due to digital transactions

PHILSTAR FILE PHOTO

THE Bangko Sentral ng Pilipinas (BSP) is betting that digital transactions will help persons with disabilities (PWDs) better meet their banking needs.

“Through digital financial inclusion, persons with disabilities will be in a position not only to overcome restrictions brought about by the pandemic, but also prepare them to take full advantage of opportunities in the post-COVID economy,” BSP Governor Benjamin E. Diokno said in an online briefing.

The central bank is in discussions with the PWD sector to promote the benefits of digital transactions, according to Cesar Augusto E. Villanueva, Jr., acting deputy director of the BSP’s Financial Inclusion Office. He added the office is still fine-tuning its data reflecting PWDs’ access to accounts and credit.

“(Online transactions) can overcome traditional challenges encountered by the sector such as time, distance, cost and effort that conventional channels would require when PWDs conduct their financial transactions,” Mr. Villanueva said.

PWD-related concerns received by the BSP consisted only of 0.1% of all complaints received as of the third quarter of 2021, Mr. Diokno said.

In the first half of 2021, the central bank received 14 PWD-related concerns, up from the four received in 2020. Mr. Diokno said the bank did not field any PWD-related complaints in 2019.

“These complaints do not necessarily pertain to discriminatory practices against persons with disabilities, but are similar in nature to the complaints received from other consumers, which include issues on interest charges and undispensed amounts and unprocessed bill payments,” Mr. Diokno said.

In July, the BSP through Memorandum No. M-2021-040 instructed financial institutions to be more inclusive in extending services to PWDs, including those with learning difficulties, people who are deaf or have hearing difficulties, and the visually impaired, the central bank said.

The directive put banks on notice to avoid discriminatory practices such as non-acceptance of the PWD identification card to open accounts and other financial transactions; turning away visually impaired persons from opening bank accounts, and requiring visually impaired customers to open only joint accounts.

The memorandum also reminded institutions to provide access ramps and Braille systems at their premises and automated teller machines, as well as express lanes for PWDs.

Last year, the central bank incorporated additional tactile marks to banknotes for easier identification of the various denominations by the visually impaired. — Luz Wendy T. Noble

ADB backs RoRo services for streamlining agri supply chains, raising farmer prosperity

ROLL-ON, ROLL-OFF (RoRo) ship terminals are expected to help farmers streamline their supply chains, eliminate middlemen, and raise incomes while keeping consumer prices in check, the Asian Development Bank (ADB) said in a blog post.

In the Asian Development Blog, author Eugenia Co Go said the ADB found that middlemen who ship produce to distant markets often bargain hard with farmers without passing on the reduced costs to consumers. Small-scale farmers have little bargaining power and are vulnerable to price gouging during unusual market conditions.

Established in 2003, the Philippine RoRo terminal system allows trucks to be transported by ship with their cargoes and disembark at their destinations ready to roll to their destinations, skipping the intermediate step of unloading from the ship’s hold. RoRo was intended from the start as a mode of transport to make the supply chain more efficient, and theoretically should lower trading costs and increase income for small farmers.

Most farmers in the Philippines are forced to depend on multi-level intermediaries to arrange the transport of their produce, with 90% of agricultural land estimated at less than three hectares, according to the Census of Agriculture.

Getting rid of middlemen effectively closes the distance between farmers and their consumers.

“Studies have shown that lower trade costs take pricing power away from intermediaries. For example, intermediary profits tend to be larger for remote locations in Sub-Saharan African countries and are also associated with higher consumer prices. Reducing trade costs can alter the distribution of profits along the marketing chain and benefit farmers,” ADB reported.

A RoRo-based transport program is also deemed suitable for inter-island trade by saving on cargo handling costs.

Direct deliveries also mean cost savings on inventory and warehousing, the ADB said. — Luisa Maria Jacinta C. Jocson

DBM says 98.6% of 2021 budget released as of November

BW FILE PHOTO

THE Department of Budget and Management (DBM) said the 2021 budget is 98.6% released as of the end of November, equivalent to P4.441 trillion in the year to date.

According to data issued by the DBM Thursday, the unreleased portion of the P4.5-trillion budget amounts to P64.84 billion.

Releases to government agencies accounted for P2.523 trillion, or 95.7% of the P2.637 trillion allotted for them.

Special purpose funds posted a release rate of 92% with P404.756 billion of the P440-billion budget.

The remainder consisted of budgetary support to local government units, the Contingent Fund, the Miscellaneous Personnel Benefits Fund, and the National Disaster Risk Reduction and Management Fund under the special purpose funds.

Releases from automatic appropriations amounted to P1.237 trillion or 86.6% of the P1.429 trillion allocated. These include retirement and life insurance premiums, internal revenue allotments, block grants and interest payments.

The DBM has released the entire P275.086 billion left over from the 2020 budget.

This year’s budget is being positioned as a stimulus measure that will boost recovery from the crisis.

The Senate last week approved on final reading the proposed P5.024-trillion budget for next year. — Luz Wendy T. Noble

GM Antonio banners 12-player national chess championship

GRANDMASTER JOEY ANTONIO -- THE PHILIPPINE STAR FILE PHOTO

GRANDMASTER (GM) Joey Antonio will try to live up to his reputation as the country’s chess ironman as he spearheads the 12-player field in the 2021 Philippine National Championships that was ushered in yesterday at the Solea Hotel and Resort in Mactan, Cebu.

GM Mr. Antonio, 59, is making his 38th appearance in the national championship and will be aiming for his 14th crown in the 11-round tournament that stakes a berth to the national squad competing in the 2023 Asian Indoor and Martial Arts Games in Thailand and a champion’s purse worth P80,000.

“This will be my 38 years competing in the National Championship since way back 1983,” said GM Mr. Antonio.

GM Darwin Laylo, who has won the event thrice in 2004, 2006 and 2008, is also one of the teams to watch out for along with International Masters (IMs) Ronald Dableo, Daniel Quizon, Paulo Bersamina and Jan Emmanuel Garcia.

Also plunging into battle are Woman GM Janelle Mae Frayna, IMs Joel Pimentel, Michael Concio, Jr., Ricky de Guzman, John Marvin Miciano, and Allan Pason.

GM Mr. Antonio was clashing with Mr. Bersamina in the opening round at press time while the other pairings pit Mr. Laylo with Mr. Dableo, Mr. Pason versus Mr. Pimentel, Mr. De Guzman against Mr. Concio, Mr. Garcia with Ms. Frayna, and Mr. Miciano versus Mr. Quizon.

The tournament is being supported by Philippine Sports Commission (PSC) chair William Ramirez, National Chess Federation of the Philippines (NCFP) President Prospero Pichay, Jr., Philippine Olympic Committee (POC) President Abraham Tolentino, Chess Movement, Inc. chair Ariel Potot, Philippine Charity and Sweepstakes Office (PCSO) vice-chair and general manager Royina Garma. — Joey Villar

Alex Eala gets early door at Junior Orange Bowl

FILIPINA TENNIS ACE ALEX EALA -- BW FILE PHOTO

ALEX M. Eala bowed out of contention in the JA Plantation Orange Bowl junior championships with a 6-3, 6-3 defeat to Kristyna Tomajkova of Czech Republic at the Frank Veltri Tennis Center in Florida yesterday.

Coming off a fiery start against home bet Charlotte Owensby, the Filipina ace cooled down and got blanked this time en route to a sorry second-round boot as the No. 2 seed in the girls’ singles play.

Ms. Eala, the world junior No. 3, also had an early exit in the W25 Milovice in Czech Republic to mark her return from a long absence due to a foot injury.

Good thing for the 16-year-old sensation, she’s still in the running for the doubles crown after an easy 6-2, 6-1 first-round win with partner Solana Sierra of Argentina.

The third-ranked Filipina-Argentine duo took care of business over the American pair of Krystal Blanch and Madeleine Jessup, setting up a clash against Russian Mirra Andreeva and Katja Wiersholm of the United States in Round 2.

Ms. Eala is out for her second Orange Bowl title after ruling the 2019 edition with Evialina Laskevich of Belarus.

This is Ms. Eala’s last event in a solid season highlighted by a maiden pro title in Spain, a doubles crown in the French Open juniors and a twin-championship in Italy.

Ms. Eala is also making stride in the women’s pro circuit, placing at No. 527 of the recent Women’s Tennis Association (WTA) rankings. — John Bryan Ulanday

Chicano, Mangrobang may compete in triathlon and duathlon at Hanoi Southeast Asian Games

John Leerams Chicano -- PSC FB PAGE

JOHN Leerams Chicano and Kim Mangrobang may end up wearing two hats in the Hanoi Southeast Asian (SEA) Games next year as they could compete not just in triathlon, but in duathlon as well.

Triathlon Association of the Philippines (TRAP) President Tom Carrasco yesterday said both Mr. Chicano and Ms. Mangrobang, double-gold winners in triathlon in the 2019 SEA Games, are trying out for slots as they compete in the 2021 National Duathlon Trials on Sunday at the Clark Parade Grounds.

The need to fill these duathlon spots came up after Monica Torres, who struck gold in the discipline in the 2019 SEA Games in Subic, retired while Joey delos Reyes, who snared a silver, is currently injured.

Kim Mangrobang — KIM MANGROBANG FB PAGE

“They could be both our best duathletes right now,” said Mr. Carrasco referring to Mr. Chicano and Ms. Mangrobang.

Mr. Chicano and Ms. Mangrobang could do both events since triathlon and duathlon have a striking resemblance with the former being a swim-bike-run event and the latter a run-bike-run race.

Other notable names that are expected to participate are 2019 SEA Games silver medalist Kim Remolino, two-time SEA Games triathlon golden boy Nikko Huelgas and 2019 SEAG duathlon mixed relay bronze medal-ists Efraim Iñigo and Mary Pauline Fornea.

Mr. Carrasco said he expects more than 200 participants in the one-day race, the first done by TRAP in two years since the pandemic struck. — Joey Villar

Obstacle course racing in PSC’s Rise Up webisode

THE Philippine Sports Commission (PSC) puts the spotlight on obstacle course racing (OCR) — now a competitive sport being played globally — in a dedicated episode of Rise Up, Shape Up streamed on Dec. 11.

The special webisode titled “No Obstacle is Unbeatable,” will be headlined by coaches and sports development specialists to expound on obstacle course racing as a competitive sport and deepen our insights on how sports can help people overcome life’s obstacles.

“Competing means you have to beat and win over opponents. It is a lesson that we can apply to real-world obstacles. We need to overcome and survive obstacles in life to come out strong and win in life,” PSC Women in Sports over-sight Commissioner Celia Kiram said.

The value of sports goes beyond making athletes and sports enthusiasts stronger in body, it also applies to the mind and spirit.

“We needed sports to show us how we can be strong physically, mentally, and emotionally to conquer hurdles and problems,” Ms. Kiram pointed out, who will also share a brief and interesting trivia on OCR in “K-Isport” segment.

Coach Patricia Puzon currently serves as the founding director and coach of MAC’s CrankIt Tennis Academy (MCTA) in Australia will open the episode on Saturday starting at 10:30 a.m.

Ms. Puzon will be joined by Karen Tanchanco-Caballero, President of the Pilipinas Sepak Takraw Federation, Inc. and the Deputy Secretary-General of the POC; Nerza del Rosario-Manalastas, former Philippine Dragonboat na-tional team co-captain; Marry Ann Crisostomo, FEU wellness and recreation specialist; and Dr. Ligaya Gina Sarmiento, Director of the Sports Development and Management Office of Tarlac State University

Toothless Barça crashes out of Champions League with 3-0 loss at Bayern

MUNICH — Barcelona crashed out of the Champions League following a 3-0 defeat at Bayern Munich on Wednesday, failing to make it past the group stage of the competition for the first time since the 2000-01 season.

First-half goals from Thomas Mueller and Leroy Sane put the Germans, who won all six matches to top Group E, firmly in the driving seat before Jamal Musiala tapped in the third just past the hour.

Barcelona had advanced to at least the round of 16 every time they competed in the Champions League since 2001 but will continue in the second tier Europa League after ending up third in the group. Benfica qualified as group runners-up with a win over bottom club Dynamo Kyiv.

Barça, who made not a single chance in the second half and scored just twice in six group games, has lost their last two matches in all competitions following new coach Xavi’s first defeat in charge of the side by Real Betis on Saturday.

“Bayern was better, superior,” Xavi said. “This is the harsh reality we have to face. I have told players that this is a turning-point. Today, a new era begins and we have to take Barça where it deserves, which is not the Europa League.

“I am frustrated because this is our reality. We start from scratch and we have to get Barça back to fighting for the Champions League. I now feel responsible. Now, we have to go out and win the Europa League.”

Despite having secured top spot in the group, Bayern coach Julian Nagelsmann fielded his strongest possible team, refusing to rest top players after they beat Borussia Dortmund (3-2) in the Bundesliga on Saturday.

The German champions had been struggling defensively, keeping just one clean sheet in their last eight matches prior to Wednesday.

Jordi Alba tested Bayern keeper Manuel Neuer with a long-range effort in the seventh minute and Ousmane Dembele fired over the bar as the Spaniards initially pressed high. But that was all that was to come from the Barça attack for the rest of the game as the Germans gradually took control.

A scintillating Mueller run down the left caught Barça napping but his cutback came just too late for Robert Lewandowski who failed to tap in from a meter.

The roles were reversed with Lewandowski chipping the ball into the box and Mueller heading in his 50th Champions League goal in the 34th minute, becoming only the eighth player in Champions League history to reach that mark.

Bayern scored again before the break with a Sane missile from 25 meters out. Barcelona, who needed a win to advance, failed to carve out a chance in the second half before Musiala’s 62nd minute tap-in sealed their exit. — Reuters

Jazz thump Timberwolves for fifth straight win

DONOVAN Mitchell scored 36 points as the Utah Jazz extended their winning streak to five games with a 136-104 victory over the Minnesota Timberwolves on Wednesday in Minneapolis.

Bojan Bogdanović added 21 points, Jordan Clarkson fired in 18 off the bench and Rudy Gobert contributed a double-double of 13 points and 10 rebounds in the win. Mitchell has scored 30-plus points in four straight games, tying his longest such streak.

Karl-Anthony Towns led Minnesota with 22 points, seven rebounds and five assists, while Anthony Edwards scored 18 and Patrick Beverley chipped in 16.

The Jazz outscored the Timberwolves 76-45 in the second half to hand Minnesota its fourth loss in a row. Utah drained 25 of 54 3-point attempts, led by Clarkson (six treys), Mitchell (five) and Bogdanović (four).

The Jazz seized control in the third quarter after a tight first half.

Mike Conley broke a 65-65 tie with a 3-pointer, sparking a 14-2 Utah run. The Jazz closed the quarter strong for a 95-81 lead heading into the final period.

Towns powered the Timberwolves back within eight after the Jazz took their largest lead, 97-81. But Utah responded with an 8-1 run to go ahead 107-92.

Minnesota took a time out at that point, but it just got worse for the home team as Utah exploded for a 14-0 run to turn it into a rout.

The Jazz held a one-point lead after a back-and-forth first quarter and then again at half time. But there were some wide momentum swings getting to that 60-59 lead at the break.

Clarkson hit two 3-pointers during a 10-3 push for the Jazz, which put them up 49-39.

The Timberwolves then took advantage of a four-minute drought for Utah. Edwards drained a pair of deep shots and Naz Reid scored four as Minnesota cranked out a 12-0 run to regain the lead, 51-49.

Bogdanović then went on a personal 7-0 run to put Utah back up by four. After Minnesota responded with a 6-1 spurt, Mitchell hit a shot with 13.4 remaining to end a wild quarter.

Jazz backup center Hassan Whiteside missed his second straight game with a glute contusion. — Reuters

UK, Canada join diplomatic boycott of Beijing Winter Games

OTTAWA/BEIJING — Canada joined Australia, Britain and the United States in a diplomatic boycott of the Winter Olympics in Beijing on Wednesday, with China calling the boycotts “political posturing” and a smear campaign.

The United States was the first to announce the boycott this week, saying on Monday its government officials would not attend February’s Beijing Olympics because of China’s human rights “atrocities,” weeks after talks aimed at easing tense relations between the world’s two largest economies.

China on Tuesday said the United States would “pay a price” for its decision and warned of countermeasures but gave no details. The International Olympic Committee (IOC) sought to play down the growing diplomatic boycott.

Canadian Prime Minister Justin Trudeau said Beijing would be aware of long-standing Western concerns about human rights in China. “(So) it shouldn’t be a surprise that we decided not to send diplomatic representation.”

Trudeau’s decision seems sure to add tension to a relationship already strained over the detention of Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou on a US warrant.

A spokesperson for the Chinese Embassy in Canada accused Trudeau of making false claims.

“Based on ideological biases as well as lies and rumors, Canada and a handful of Western countries have been flagrantly engaged in political maneuvering, with the attempt to disrupt the smooth progress of Beijing Olympic and Paralympic Winter Games. Their clumsy performance can hardly find any support and is doomed to fail,” the spokesperson said in a written statement.

IOC President Thomas Bach said the Committee had always been concerned with the participation of the athletes in the Olympic Games.

So “we welcome the support for their Olympic teams all these governments have been emphasising,” he told a video news conference. “This is giving the athletes certainty and this is what the IOC is about.”

The chairman of the athletes’ committee of Beijing 2022 said the Games were a stage for athletes, not a runway for politics, according to the Xinhua news agency.

“The politicization of sport and the use of the Olympic Games as a vehicle for political purposes by individual politicians would undoubtedly breach (the) Olympic Charter,” said Yang Yang, China’s first Winter Olympics gold med-alist.

BRITAIN, AUSTRALIA BOYCOTT

Asked earlier in parliament if his country would follow Washington’s lead, British Prime Minister Boris Johnson said: “There will be effectively a diplomatic boycott of the Winter Olympics in Beijing, no ministers are expected to attend and no officials.”

“I do not think that sporting boycotts are sensible and that remains the policy of the government,” he added, indicating British athletes will still compete.

China said it had not invited British officials.

“Making an issue out of the presence of government officials at the Beijing Winter Olympics is in essence a political smearing campaign,” a spokesman for the Chinese embassy in London said.

Earlier, Prime Minister Scott Morrison said Australia’s decision came because of its struggles to reopen diplomatic channels with China to discuss alleged human rights abuses in the far western region of Xinjiang and Beijing’s moves against Australian imports.

China has denied any wrongdoing in Xinjiang and said allegations are fabricated.

Foreign ministry spokesman Wang Wenbin said Australian politicians were engaged in “political posturing.”

“Whether they come or not, nobody cares,” he added.

The Australian Olympic Committee said the boycott would have no impact on athletes’ preparations for the Games, which run from Feb. 4 to 20, adding that “diplomatic options” were a matter for governments.

For the Canadian Olympic Committee (COC), a diplomatic boycott recognized the distinction between government and athlete participation while providing a platform to shine a light on China issues.

“The Canadian Olympic Committee and Canadian Paralympic Committee remain concerned about the issues in China but understand the Games will create an important platform to draw attention to them,” said the COC in a statement.

Other US allies have been slow to commit to joining the boycott, though Japan is considering not sending cabinet members to the Games, the Sankei Shimbun daily said on Wednesday, citing unidentified government sources.

“Countries’ decisions to boycott the Olympics, that’s their decision that they have to make for themselves,” said White House spokesperson Karine Jean-Pierre. “It’s up to them (other countries) to decide how they’re going to move forward, and if they’re going to boycott or not.”

President Joseph R. Biden, Jr.’s administration cited what the United States calls genocide against minority Muslims in China’s Xinjiang region. China denies all rights abuses.

The United States is set to host the 2028 Summer Olympics in Los Angeles and is preparing to bid for the 2030 Winter Olympics in Salt Lake City. — Reuters

PSEi climbs as worries over new variant ease

BW FILE PHOTO

PHILIPPINE shares rose on Thursday as worries over the new coronavirus disease 2019 (COVID-19) variant eased, with local infections also staying low.

The benchmark Philippine Stock Exchange index (PSEi) gained 87.62 points or 1.22% to close at 7,234.92 on Thursday, while the broader all shares index went up by 37.04 points or 0.97% to 3,842.55.

“Philippine shares climbed higher on Wednesday, coming on the back of improved investor optimism that the Omicron variant is not severe enough to derail the economic recovery,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The rally was sustained by optimism towards the Philippines’ improving COVID-19 situation and the positive spillovers from Wall Street’s overnight rise. Preliminary evidence, which shows that the Omicron variant may cause milder infections compared to the Delta variant according to the World Health Organization, also helped in lifting sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The Department of Health reported 562 new COVID-19 cases on Thursday, with the total infections at 2,835,996 since the pandemic first hit the country on March 2020.

Meanwhile, the Dow Jones Industrial Average rose 35.32 points or 0.10% to 35,754.75; the S&P 500 gained 14.46 points or 0.31% to 4,701.21; and the Nasdaq Composite added 100.07 points or 0.64% to 15,786.99, Reuters reported.

“In the international scene, participants may also be digesting the recently announced inflation report in China for the month of November,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

China’s factory-gate inflation cooled slightly in November, driven by a government crackdown on runaway commodity prices and an easing power crunch, potentially giving policy makers some latitude to unleash more stimulus.

Back home, most sectoral indices closed in the green on Thursday except for property, which fell 2.48 points or 0.07% to 3,265.44.

Meanwhile, financials added 38.21 points or 2.42% to 1,612.23; holding firms improved by 87.80 points or 1.27% to end at 6,978.22; industrials gained 116.42 points or 1.12% to 10,433.58; services climbed 21.19 points or 1.07% to 1,994.98; and mining and oil rose 15.21 points or 0.16% to close at 9,213.21.

Value turnover increased to P8.61 billion with 1.87 billion issues switching hands on Thursday from the P7.86 billion with 1.98 billion shares traded on Tuesday.

Financial markets were closed on Wednesday in commemoration of the Feast of the Immaculate Conception of Mary.

Advancers outnumbered decliners, 108 against 90, while 45 names closed unchanged.

Net foreign selling surged to P1.09 billion yesterday from the P259.70 million logged on Tuesday.

“6,800 seems to be the closest support area to watch, while 7,454.50 may be considered the nearest major resistance area for the index,” Mr. Pangan said. — MCL with Reuters

Peso climbs on stock market’s gains

BW FILE PHOTO

The peso strengthened versus the greenback on Thursday following the stock market’s gains and new findings related to the protection provided by some vaccines against the Omicron variant of the coronavirus disease 2019 (COVID-19).

The local unit ended trading at P50.26 per dollar on Thursday, appreciating by 11.5 centavos from its P50.375 finish on Tuesday, based on data from the Bankers Association of the Philippines.

The market was closed on Wednesday in commemoration of the Feast of the Immaculate Conception of Mary.

The peso opened Thursday’s session stronger than its previous close at P50.32 per dollar. Its weakest showing was at P50.38, while its intraday best was at P50.18 against the greenback.

Dollars exchanged decreased to $835.22 million on Thursday from $944.35 million on Tuesday.

The peso appreciated on Thursday as the stock market gained for the fifth straight day, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The benchmark Philippine Stock Exchange index rose by 87.62 points or 1.23% to end trading at 7,234.92 on Thursday. The wider all shares index likewise gained 37.04 points or 0.97% to 3,842.55.

Meanwhile, a trader said the peso strengthened due to improved risk appetite following new findings which showed some COVID-19 vaccines gave ample protection against the Omicron variant.

BioNTech and Pfizer on Wednesday said a three-shot of their vaccines resulted to neutralizing the new Omicron variant in a laboratory test, showing hopes that booster shots could provide protection from the new variant, Reuters reported.

For Friday, Mr. Ricafort gave a forecast range of P50.15 to P50.35 per dollar, while the trader expects the local unit to move within P50.20 to P50.35. — L.W.T. Noble with Reuters

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