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PHL’s Bren Esports makes history, wins M2 World Championship crown

By Michael Angelo S. Murillo, Senior Reporter

FILIPINO esports team Bren Esports made history at the weekend, becoming the first Philippine squad to win the Mobile Legends: Bang Bang M2 World Championship title.

Bren defeated Burmese Ghouls, 4-3, in their best-of-seven finals held in Singapore on Sunday.

The team achieved the amazing feat despite being relegated to the lower bracket early on in the tournament.

The Bren crew of CJ Ribo (“Ribo”), Karl Gabriel Nepomuceno (“KarlTzy”), Allan Castamayor (“Lusty”), David Charles Canon (“FlapTzy”), team captain Angelo Kyle Arcangel (“Pheww”), Mico Sampang (“Coco”), and Efphraim Sambrano (“Ejhay”) showed tremendous drive, racking up key victories after dropping its opening game to barge into the finals.

Bren took an early lead in the finals over the Ghouls, going up, 2-0, led by KarlTzy.

But the Ghouls would recover after, taking the next three matches to overtake Bren, 3-2.

The team from the Philippines then regained its footing, making the needed adjustments to better compete with the Ghouls; a move that paid huge dividends as it took the next two games to bag the hard-earned victory.

For its victory, Bren took the large chunk of the $300,000 pool prize, while KarlTzy was named Finals MVP and was awarded $3,000.

Following the landmark conquest, Bren officials praised the players for their efforts while also underscoring as key their decision to take the necessary path in trying to go world-class and elevate the sport.

“We started by believing that we had a good idea of how we can create world-class professional Esports Athletes,” said Bren Esports COO Jab Escutin in a Facebook post following their win. “And now, here we have shown what happens when we treat our Esports athletes as professionals in their own right, by giving them an environment where they can be adults and be treated with respect for their craft and the hard work it requires to be able to perform consistently at the highest levels. To understand that your peers are not only playing games all day, but instead appreciate that they are working hard to be the very best,” he added.

Mr. Escutin went on to thank all their supporters and those who believe in their push to elevate esports in the country.

Bren Esports was founded in 2017 and has steadily established itself as one of the esports teams of note in the country and a key stakeholder in the gaming community.

Apart from Mobile Legends, it also has competitive teams in League of Legends, Hearthstone, Arena of Valor, Valorant, and Tekken 7, among others.

Suzara elected president of newly formed volleyball association

A familiar face in the local volleyball scene is back to head the newly formed association for the sport.

Ramon “Tats” Suzara, a veteran organizer of sports events, including volleyball tournaments, was elected president of the Philippine National Volleyball Federation Inc. (PNVFI) in elections held on Monday at the East Ocean Seafood Restaurant in Parañaque City.

Mr. Suzara ran unopposed in proceedings participated in by different stakeholders in the country.

“I will do my best as the new president,” Mr. Suzara said following the elections overseen by the Philippine Olympic Committee (POC).

“But I am not the only one that is part of the new federation. I have the board and the other stakeholders who are there to support. We are doing this to help lift Philippine volleyball,” he added.

Mr. Suzara, representing the Alliances of Philippine Volleyball Inc. (APVI), was joined in the list of elected PNVFI officers by Arnel Hajan of the Philippine Volleyball Federation (PVF), who was voted as vice-president.

Larong Volleyball sa Pilipinas Inc.’s (LVPI) Ariel Paredes, meanwhile, was elected chairman while Donaldo Caringal was named PNVFI secretary-general.

Rod Roque is the treasurer and PVF’s Yul Benosa the auditor.

Elected to the board were Ricky Palou, Tony Boy Liao, Karl Chan, Charo Soriano, Carmela Gamboa, National Collegiate Athletic Association’s Fr. Vic Calvo and POC representative to the board Atty. Wharton Chan.

“We are thankful to all the stakeholders. We’ve been longing for this and the true winner here is Philippine volleyball,” POC President Abraham Tolentino said.

The election was the POC’s response to the request letter from the International Volleyball Federation (FIVB) asking the former to supervise an election among volleyball stakeholders in the country at the soonest possible time to settle once and for all the issue on who gets to officially represent the Philippines in the federation.

LVPI was recognized by the POC since 2015 as the national federation for the sport, but was contested by the PVF.

But neither of the groups were recognized by the FIVB.

The FIVB in its letter to the POC reiterated the need to elect a “legitimate NSA” lest the country risk not being able to send national teams to FIVB-sanctioned tournaments.

A total of 31 of 32 registered voters cast their votes in the election proceedings.

The POC executive board has calendared for Wednesday the approval of the result of the PNVFI elections with the group to be officially recognized during the POC general assembly on Thursday.

From there the POC will submit an official report to the FIVB for the international federation to recognize the PNVFI. – Michael Angelo S. Murillo

Planned Pacquiao fight takes a hit after McGregor UFC loss

THE planned boxing fight between Filipino legend Manny Pacquiao and mixed martial arts (MMA) superstar Conor McGregor has been rendered in doubt after the Irishman suffered a technical knockout loss in his Ultimate Fighting Championship (UFC) return at the weekend.

Penciled to take place this year, organizers of the Pacquiao-McGregor fight were reportedly in deep discussion for a lucrative combat sports event between the two icons, similar to that of Mr. McGregor’s battle with undefeated boxing champion Floyd Mayweather, Jr. in 2017.

Reports have it that following the UFC fight of Mr. McGregor against Dustin Poirier, and in the event the former wins, discussion over his showdown with Mr. Pacquiao would further pick up, if not finalized.

Unfortunately, Mr. McGregor lost to Mr. Poirier by way of a second-round technical knockout in their encounter last Sunday at “UFC 257” in Abu Dhabi, United Arab Emirates.

“The Notorious” was seemingly in control of the contest before Mr. Poirier picked up his attack in the second round, connecting on solid calf and leg kicks to steadily tear down the former UFC lightweight champion. The American finished Mr. McGregor with a flurry of punches, which eventually forced the referee to stop the fight at the 2:32 mark of the round.

Mr. McGregor offered no excuses for the loss, saying that Mr. Poirier did well in following his game plan in winning.

Interestingly, Mr. McGregor, too, casts a doubt on the planned Pacquiao fight following his UFC defeat.

“Let’s just see what happens. That Manny fight was happening. It was as good as done. Now, I don’t know,” said Mr. McGregor post-fight just as he vowed to bounce back from the latest setback in his career.

DIP IN INTEREST
For local combat sports analyst Nissi Icasiano, the Pacquiao-McGregor fight did take a hit with the result of UFC 257 and that he would not be surprised if organizers do reconsider their plans to push through with it.   

“With the TKO loss to Poirier of McGregor, the fighting senator’s camp should expect that the interest for that fight to happen will dip a little. The big difference when Mayweather fought McGregor in 2017 was the Irishman had just won his second world title in the UFC and achieved the feat of becoming the first fighter to ever hold two UFC titles simultaneously. There was a justifiable hype behind McGregor at that time,” said Mr. Icasiano in an online interview with BusinessWorld.

“With this, I won’t be surprised if McGregor turns out to be just another option on the table from being Manny Pacquiao’s top choice. Now, it’s a good time for promoters like Al Haymon and Bob Arum to build up the stars of the respective stables such as Errol Spence Jr. and Terence Crawford [as Pacquiao opponents]. The ball is now in their court,” he added.

Meanwhile, American boxer Ryan Garcia, 22, is being floated as well as a possible opponent for eight-division champion Pacquiao, 42.

Mr. Garcia (21-0) even announced on Twitter on Monday that he was fighting the Filipino legend.

The team of Mr. Pacquiao, however, have yet to confirm the announcement as of this writing. — Michael Angelo S. Murillo

Clippers down Thunder for seventh win in a row

KAWHI Leonard had 34 points, nine rebounds and eight assists, and the Los Angeles (LA) Clippers earned their seventh victory in a row with a 108-100 win over the visiting Oklahoma City Thunder on Sunday.

Serge Ibaka contributed 17 points and six rebounds for the Clippers, who defeated the Thunder for the second time in three days.

Reggie Jackson scored 14 points, Paul George chipped in 11 and Ivica Zubac added 10 points and 11 rebounds.

Shai Gilgeous-Alexander had 23 points, seven assists and six rebounds for the Thunder, who lost their third in a row. George Hill scored 22 points and Hamidou Diallo had 14 points. Isaiah Roby collected 10 points and 10 boards.

A 3-pointer by Hill and a bucket by Gilgeous-Alexander sliced the Clippers’ lead to 102-96 with 1:56 left. However, a dunk by Leonard with 42.5 seconds remaining sealed the win for Los Angeles.

Both teams struggled on 3-point shooting in the first half. The Thunder made just 2 of 13 compared to 7 of 29 for the Clippers from long distance in the first half. — Reuters

Panasonic Air Conditioners with nanoe™ X confirmed to inhibit the novel coronavirus

Global contract research organization certifies the inhibitory effect of Panasonic Air Conditioners with nanoe™ X Technology on the Novel Coronavirus: 91.4% in 8 hours in a 6.7m3space

Panasonic Manufacturing Philippines Corporation (PMPC) announced today a new breakthrough confirming that the inhibitory effect on the novel coronavirus (SARS-CoV-2) by the Panasonic Air Conditioner with nanoe™ X Technology was certified by Texcell*1, a global contract research organization.

 

Texcell verified 91.4% of the inhibitory effect on the novel coronavirus in the space of 6.7m3 in 8 hours.

In September 2020, Panasonic has verified, in collaboration with Texcell, the inhibitory effect of the nanoe™ X Technology with the benefits of hydroxyl radicals on the novel coronavirus in a small test space of 45L using the nanoe™ X generator.

For further investigation, Panasonic challenged to test using the air conditioner with nanoe™X in a larger test space. Even with the more challenging test parameters, Texcell has now certified that the Panasonic Air Conditioner withnanoe™ X Technology has 91.4% inhibitory effect on the novel coronavirus in the actual space of 6.7m3in 8 hours. This testing was carried out in a closed laboratory environment and was not designed to assess its efficacy in uncontrolled living spaces.

About nanoe™ X Technology

nanoe™ X is a technology unique to Panasonic that collects invisible moisture in the air and applies a high voltage to it to produce “hydroxyl radicals contained in water”. Hydroxyl radicals inhibit the growth of pollutants such as bacteria and viruses. They are characterized by being strongly oxidative and highly reactive but normally have a short life span. Contained in tiny water particles, nanoe™ X has a long lifespan and can spread over long distances. It has an inhibitory effect on both airborne and adhered substances.

Safer spaces are a must


With the threat of the novel coronavirus continuously looming and with vaccines not yet massively distributed or administered locally, Filipinos continue to struggle with safer breathing spaces and to ensure healthier home and work environments for loved ones and colleagues.

With this study update, one thing is assured: Filipinos can get 24-hour cleaner and safer air indoors, with the presence of Panasonic Air Conditioners in homes, schools, offices, and businesses. In fact, in 24 hours, Panasonic Air Conditioners with nanoe™ X Technology has an inhibition rate of 99.7% on the novel coronavirus, also tested in a 6.7m3 space.

Apart from its Split-type Air Conditioners with nanoe™ X Technology, Panasonic also offers a portable solution for the Filipino consumers, the Portable nanoe™ X Generator. The small device is also equipped with nanoe™ X Technology that’s proven to inhibit harmful air pollutants and viruses.

The plight for A Better Life, A Better World continues

Panasonic has been researching nanoeTM Technology over the past 20 years since 1997 and has verified its effectiveness in a variety of areas, including inhibiting pathogenic microorganisms (bacteria, fungi, and viruses) and allergens, breaking down PM 2.5 components that have adverse effects on the human body*2.

Panasonic will continue to pursue the potential of nanoe™ X Technology to address possible risks associated with air pollution such as new pathogenic microorganisms, to create healthy environments, and A Better Life, A Better World for people around the world.

For reference:

Testing the inhibitory effect of the air conditioner with nanoe™ X on the novel coronavirus(SARS-CoV-2) in a space of 6.7m3.

  • Overview

A comparative verification was conducted in a space of 6.7m3 containing the novel coronavirus. (SARS-CoV-2)

  • Results

Over 91% of novel coronavirus (SARS-CoV-2) activity was inhibited within 8 hours.

Note:  This verification was designed to generate basic research data on the effects of nanoe™ X on the novel coronavirus in laboratory conditions different from those found in living spaces.

  • Methodology and data

Organisation  :Texcell (France)

Subject          :Novel coronavirus (SARS-CoV-2)

Device           :Air conditioner with nanoe™ X

Method:

  • The air conditioner with nanoe™ X was installed in a space of 7m3.
  • Gauze saturated with SARS-CoV-2 virus solution was exposed to an air conditioner with nanoe™ X from a distance of 0.7m in a 7m3 room for 24 hours.
  • The virus infectious titer was measured and used to calculate the inhibition rate.
  • Test result 
Test subject Inhibition rate Capacity Hours
SARS-CoV-2 42.4% 6.7 m3 4 hours
SARS-CoV-2 91.4% 6.7 m3 8 hours
SARS-CoV-2 99.7% 6.7m3 24 hours

 

As heatwaves become more extreme, which jobs are riskiest?

Heat is more dangerous than the cold in most Australian regions. About 2% of deaths in Australia between 2006 and 2017 were associated with the heat, and the estimate increases to more than 4% in the northern and central parts of the country.

In fact, Australian death records underestimate the association between heat and mortality at least 50-fold and chronic heat stress is also under-reported.

The risk is higher in some regions but where you live is not the only factor that matters. When it comes to heat, some jobs are much more dangerous, and put workers at higher risk of injury.

One study compared workers’ compensation claims in Adelaide from 2003 to 2013. It found workers at higher risk during extremely hot temperatures included:

  • animal and horticultural workers
  • cleaners
  • food service workers
  • metal workers
  • warehouse workers.

The authors noted hot weather “poses a greater problem than cold weather. This is of particular concern as the number of hot days is projected to increase”.

Another study involving many of the same researchers looked at the impact of heatwaves on work-related injuries and illnesses in Melbourne, Perth and Brisbane. It found vulnerable groups included:

  • males
  • workers aged under 34 years
  • apprentice/trainee workers
  • labour hire workers
  • those employed in medium and heavy strength occupations, and
  • workers from outdoor and indoor industrial sectors.

A study of work-related injuries in Melbourne between 2002 and 2012 found young workers, male workers and workers engaged in heavy physical work are at increased risk of injury on hot days, and a wider range of worker subgroups are vulnerable to injury following a warm night. In light of climate change projections, this information is important for informing injury prevention strategies.

A study using data for Adelaide between 2001 and 2010 concluded male workers and young workers aged under 24 were at high risk of work-related injuries in hot environments. The link between temperature and daily injury claims was strong for labourers, tradespeople and intermediate production and transport workers (who do jobs such as operating plant, machinery, vehicles and other equipment to transport passengers and goods).

Industries with greater risk were agriculture, forestry and fishing, construction, as well as electricity, gas and water.

A systematic review and meta-analysis of 24 studies on the links between heat exposure and occupational injuries found

Young workers (age < 35 years), male workers and workers in agriculture, forestry or fishing, construction and manufacturing industries were at high risk of occupational injuries during hot temperatures. Further young workers (age < 35 years), male workers and those working in electricity, gas and water and manufacturing industries were found to be at high risk of occupational injuries during heatwaves.

The fact that apprentices or trainees had greater heat-related injuries in the workplace may surprise many, as heat tolerance deteriorates with age. Exposure to labour intensive work, less experience in managing heat stress, and a propensity to avoid acknowledging they’re affected by heat may contribute to the higher risk for younger workers.

A growing body of international research shows extreme heat can cause severe health issues.

Other factors that increase vulnerability to heat include age (especially being older or very young), low-socioeconomic status, and homelessness. Regions also matter; there are differences between climate zones and increased heat-related morbidity in rural settings.

Underlying health conditions increase the risk of heat-related illness and death. These health conditions include

  • diabetes
  • high blood pressure
  • chronic kidney disease
  • heart conditions and
  • respiratory conditions.

Chronic heat exposure is dangerous and has been linked to serious health problems, including chronic and irreversible kidney injury. A range of studies have linked higher temperatures with increases in suicide rates, emergency department visits for mental illness, and poor mental health.

Most of the studies mentioned here focused on worker’s compensation claims. That data includes only those injuries for which compensation claims were actually made. In reality, the problem is likely more widespread.

The Australian studies primarily focused on the milder climatic regions of Australia, but the rate of injuries and ill health is greater in hot and humid regions. And the dangers may be worse in regional and remote areas, particularly when and where workforces are transient.

We also need more research on the relationship between the length of exposure to higher temperatures (in hours or days) and worker health.

National studies or studies in other regions should assess whether rates of injury differ by occupation, climate zone and remoteness. Capturing data on all types and severity of workplace injuries (not just those that led to a compensation claim) is crucial to understanding the true extent of the problem.

As the climate changes and heatwaves become more frequent and severe, it’s vital we do more to understand who is most vulnerable and how we can reduce their risk.

This story is part of a series The Conversation is running on the nexus between disaster, disadvantage and resilience. You can read the rest of the stories here. — REUTERS

World’s Economic Recovery Delayed by Slow Vaccine Rollouts

The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations.

While global growth is still on course to rebound quickly from the recession of last year at some point, it may take longer to ignite and not be as healthy as previously forecast. The World Bank already this month trimmed its prediction to 4% in 2021 and the International Monetary Fund will this week update its own outlook.

Double-dip recessions are now expected in Japan, the euro area and U.K. as restrictions to curb the virus’s spread are enforced. Record cases in the U.S. are dragging on retail spending and hiring, prompting President Joe Biden’s new administration to seek an extra $1.9 trillion worth of fiscal stimulus.

Only China has managed a V-shaped recovery after containing the disease early, but even there consumers remain wary with Beijing partly locked down.

High frequency indicators tracked by Bloomberg Economics point to a troubling start to the year with advanced economies beginning on a weak note and emerging economies diverging.

“That’s a reflection of the hard reality that, ahead of widespread distribution of the vaccine, a return to normality is an unlikely prospect,” said Tom Orlik, chief economist at Bloomberg Economics.

It’s a stark outlook facing policy makers after $12 trillion worth of fiscal support and trillions in central bank money printing failed to cement a recovery. Those from the Federal Reserve meet this week.

Market Optimism

Even as the economic outlook has darkened as the weeks of 2021 ticked by, financial markets have continued to rally on optimism government stimulus and the vaccine roll out will drive a recovery. Global stocks hit an all-time high last week.

The unevenness is likely to feature in remarks by global leaders including Chinese President Xi Jinping, his French counterpart Emmanuel Macron and German Chancellor Angela Merkel and others who will speak at an online event the World Economic Forum is holding from Jan. 25 to Jan. 29 instead of its usual meeting in the Swiss ski resort of Davos.

The U.S., Britain and European Union are delivering vaccines, setting up a scenario where some parts of the world reach herd immunity while others lag, especially poorer economies.

The World Health Organization will warn rich nations on Monday that their economies could be hurt unless they help developing countries speed up vaccination programs, the Financial Times reported, citing a study commissioned by the International Chamber of Commerce.

If the rollout of vaccines in poorer countries maintains its current trajectory, advanced economies faces an output loss of up to $2.4 trillion of their annual gross domestic product before the pandemic because of disruptions to trade and supply chains, the WHO will say based on the ICC research, according to the FT.

“While there is light at the end of the tunnel, there is still a long and difficult road ahead before we are out,” said Erik Nielsen, group chief economist at Unicredit SpA. “So long as the pandemic terrorizes part of the world, normality will not be restored anywhere.”

The optimistic outlook rests on authorities getting the vaccine out on a material scale by mid-year and neutering the threat of more transmissible variants of the virus. The ongoing provision of easy monetary policy and hope that governments won’t pull back their support prematurely as some did after the financial crisis should also assist.

Lockdowns and other restrictions on movement also appear to be having less of a detrimental economic impact this time than last year as consumers and business have found ways to adapt. And China’s lead in the global recovery shows what’s possible once the virus is controlled.

“The first quarter will be worse than we had thought,” said Shaun Roache, Asia Pacific chief economist at S&P Global Ratings in Singapore. “But we see a delayed, not derailed recovery.” — Bloomberg

Mexican president contracts COVID-19 after worst week of pandemic

MEXICO CITY — Mexico’s President Andres Manuel Lopez Obrador said on Sunday he had tested positive for COVID-19 amid the country’s deadliest week yet in the coronavirus pandemic, which has pushed the health system of the Mexican capital to its limits.

The 67-year-old president, who was a heavy smoker until suffering a major heart attack in 2013, said in a tweet that his symptoms were light and he was receiving treatment.

“As always, I am optimistic,” said Mr. Lopez Obrador, who has resisted wearing a face mask in public since the virus reached Mexico over 10 months ago.

The president, who is back in Mexico City after a three-day visit to parts of northern and central Mexico, said he would continue working, and still planned to take part in a call with Russian President Vladimir Putin on Monday morning.

But the veteran leftist will step back from his regular public schedule, which has dominated the country’s political life since he first took office in December 2018.

Critics have railed incessantly against his management of the health crisis, but despite a mounting toll of nearly 150,000 dead, his popularity has risen during the pandemic, according a daily tracking poll by polling firm Consulta Mitofsky.

The president has maintained a busy agenda, meeting his security cabinet at 6 a.m. every morning then holding daily news conferences of two hours or more from 7 a.m. At the weekends, he often tours the country, just as he did when in opposition.

Several close aides have contracted the virus in the past few months, but he has always insisted that he is in good health and has taken care of himself since the 2013 heart attack, after which he quit smoking.

“Fortunately, the president is stable at the moment, the symptoms are mild,” Jose Luis Alomia, a senior Mexican health official told a daily news conference shortly after Mr. Lopez Obrador announced he had the virus.

Specialists were attending the president, Mr. Alomia said.

The health ministry said officials were reviewing who the president had been in contact with in the past few days and that most of them would self-isolate. Economy Minister Tatiana Clouthier was isolating, a spokeswoman said.

Mr. Lopez Obrador made an uncertain start to the pandemic, which has led to the fourth-highest death toll worldwide in Mexico. Initially the president urged people to hug each other and to keep going out. Later, he told them to stay at home.

 

NO LOCKDOWNS

Throughout the emergency, Lopez Obrador has shied away from imposing strict curbs on the public. In October, he even criticized European countries for adopting tough lockdown measures, suggesting they smacked of authoritarianism.

Many Mexicans live from hand-to-mouth and the government has been loath to restrict commercial activity lest it deprive people of their livelihoods and encourage crime.

Mr. Lopez Obrador’s strategy has focused on increasing hospital capacity over testing and contact tracing. Instead of lockdowns, Mexico has used a tiered system of restrictions from state to state to limit the impact on the economy.

However, hospitals in Mexico City are near capacity because of the surge in cases, and nearly 9,000 new fatalities were registered in the past week, easily the worst seven-day tally.

Critics have for months said the president was at risk of contracting the virus due to his schedule.

His two predecessors as president, Enrique Pena Nieto and Felipe Calderon, both of whom Mr. Lopez Obrador has pilloried as part of a corrupt political system, quickly wished him well.

“Sincerely, I wish for the president’s quick recovery,” Mr. Calderon said on Twitter.

Mr. Lopez Obrador said on Twitter his interior minister Olga Sanchez would run his morning news conference in his absence.

His absence may sap some vigor from the government’s rollout of its vaccine program, which is currently solely reliant on the product developed by U.S. drugmaker Pfizer.

Mr. Lopez Obrador is due to discuss the possible acquisition of Russia’s Sputnik V vaccine with Putin on Monday as Mexico seeks to give itself more options in the fight against the virus. — REUTERS

Billionaires thriving as poor suffer in widening COVID-19 divide – Oxfam

LONDON — Billionaires including Amazon’s Jeff Bezos and Tesla founder Elon Musk have seen their wealth soar during the COVID-19 pandemic while the world’s poor face years of hardship, charity Oxfam said on Monday as it demanded steps to tackle inequality.

Nations have a “shrinking window of opportunity” to build a fair, green recovery, according to “The Inequality Virus” report, published as global leaders tune in for the World Economic Forum’s virtual “Davos Dialogue” meeting.

“We stand to witness the greatest rise in inequality since records began,” Gabriela Bucher, executive director of Oxfam International, said in a statement as the charity called for higher wealth taxes and stronger protections for workers.

“Rigged economies are funnelling wealth to a rich elite who are riding out the pandemic in luxury, while those on the frontline of the pandemic — shop assistants, healthcare workers, and market vendors — are struggling to pay the bills.”

COVID-19 has unleashed an economic storm that hit the poor and vulnerable hardest, with women and marginalised workers facing the worst of job losses and the World Bank warning more than 100 million people could be pushed into extreme poverty.

It could take more than a decade to reduce the number of people living in poverty back to pre-crisis levels, Oxfam said.

Meanwhile, the collective wealth of the world’s billionaires rose $3.9 trillion between March and December 2020 to reach $11.95 trillion, the report calculated.

The 10 richest men – a list led by Bezos and Musk which also includes LVMH luxury group’s CEO Bernard Arnault, Microsoft’s Bill Gates and Facebook CEO Mark Zuckerberg – saw their net worth increase by $540 billion in the same period, Oxfam said.

That sum would be enough to prevent anyone from falling into poverty as a result of the pandemic and pay for a vaccine for everyone on earth, researchers calculated.

The pandemic marks a “pivotal” point which has exposed economic disparities and built support for “transformative” policies, Oxfam said, calling for higher taxes on wealth and corporations alongside stronger protections for workers.

A temporary tax on excess profits made by the 32 global corporations that have profited the most during the pandemic could have raised $104 billion in 2020, Oxfam said.

International cooperation would be key to implementing many changes, said Jayati Ghosh, an economics professor at the University of Massachusetts Amherst who was among the economists polled by Oxfam for the report.

The administration of new U.S. President Joe Biden will spur “more willingness” for joint action on issues including a crackdown on tax havens and a bailout for developing nations, she told the Thomson Reuters Foundation by phone.

“There are some very, very big hurdles, but there are many things that can be done very quickly,” she added. — REUTERS

AIA Philam Life launches new funds for global investment

The country’s premier life insurance company, AIA Philam Life, has launched new investment funds which will give Filipinos access to the world’s biggest companies including Amazon, Apple, and Microsoft.

Available through its unit-linked insurance products, the new AIA Philam Life Elite Funds are designed to maximize the earning potential of common Filipinos’ hard-earned money through global funds. Policyholders may choose from different fund types depending on how much risk they are willing to take for the growth they would like their investment to achieve.

The Elite Funds will be available through Family Provider and the MoneyWorks. This expands the options policyholders can choose from to grow the account value of their life insurance plans. They may transfer to or add the peso-denominated Elite Funds in their portfolio. With access to a global portfolio of professionally-managed funds, customers will have the opportunity to grow their investment to meet their long-term savings objectives.

The AIA Philam Life Elite Funds are curated based on the customers’ risk profile and investment objectives. The Elite Adventurous Fund matches investors comfortable with higher risk in pursuit of higher return while the Elite Balanced Fund is perfect for those ready to take moderate risk for capital growth. For those with a low-risk profile but still seeking long-term total return, the Elite Conservative Fund is available. Each of these funds is uniquely created for AIA and managed by Best-in-Class asset managers.

 

AIA Philam Life has partnered with AIA Investment Management Pte. Ltd. (AIA IM) in the development of these funds. AIA IM is an AIA-affiliated company incorporated in 2016 as the hub for regional investment management that solely manages the assets of the AIA entities within the AIA Group. Through this collaboration, AIA Philam Life is able to open to Filipinos the opportunity to invest in global investments.

AIA IM has US$244 billion assets under management across 18 markets in Asia. AIA IM’s team of more than 150 investment professionals has access to the world’s finest global institutional fund managers. This partnership approach with external asset managers will help ensure the Elite Funds will deliver consistent long-term results.

The Elite Funds are invested in a combination of AIA Investment Funds managed by AIA IM and external fund managers Baillie Gifford, Wellington Management, and BlackRock. The underlying investments of the AIA Investment Funds include US Investment Grade fixed income securities, offshore traditional stocks, and new economy stocks such as Alphabet, Amazon, and Netflix.

With the new AIA Philam Life Elite Funds, AIA Philam Life stays true to its commitment of empowering Filipinos to live Healthier, Longer, and Better Lives through long-term savings solutions.

Click here for more information about AIA Philam Life Elite Funds, or visit AIA Philam Life’s Facebook page at https://www.facebook.com/AIAPhilamLife/email philamlife@aia.com or call (02)8528-2000. 

Financial self-care practices to master this year

If you are like most people, you were likely affected by the global coronavirus disease 2019 (COVID-19) pandemic directly through infection or indirectly through the disastrous impact it has wreaked on the economy.

But a new year brings new opportunities and if you are looking to turn a new leaf financially in 2021, you are far from alone. In fact, a white paper released by AdSpark, Inc., a portfolio company under Globe Telecom’s 917Ventures last year, showed that consumption of Personal Finances as a topic grew by 800% from January 2020 to the end of March 2020 when most Filipinos were required to stay at home.

This was supported by the Global Web Index which tells in numbers how people foresee the impact of the situation on their personal finances. Of the Filipinos surveyed, 65% believed that the COVID-19 pandemic will have a big impact on their personal finances while 15.7% said the effect could be greater.

No doubt that number is far larger now that a full year has gone by. Yet, as awful as it had been, there is much 2020 could teach about the importance of being financially secure, especially now in a drastically different world.

Save whatever you can and build an emergency fund
Everyone from the billionaire tycoons to their hardworking employees were caught unaware by the pandemic. This has resulted in millions of lost jobs and lost income. And while naturally the worst affected had been those already poor and vulnerable, everyone has felt the effects that COVID-19 has had on the economy.

Being prepared for such events and setbacks is the main purpose of an emergency fund. An emergency fund is a stash of money set aside to cover the unexpected financial surprises that may come your way. Such events could be an unexpected car trouble, a bad illness, or other sudden expenses. Having an emergency fund is like having a safety net that you can rely on to save yourself the stress of financial instability or going into debt.

Most financial experts will recommend an emergency fund of about three to six months’ worth of expenses, put into an easily accessible deposit account. You should try to save up this amount even if you have any outstanding debt, budgeting wherever necessary. The peace of mind brought by having an emergency fund will make all the scrimping worth it.

Naturally, you should not touch this fund unless there is an emergency, or else it defeats the purpose.

Learn to use technology to your advantage
Many people will struggle with saving, especially in troubled times like these. Most banks nowadays have digital platforms where you can do your banking online. If you have never tried using such platforms before, now is the time to try.

Having an easily accessible way to check your finances wherever you are can be a great motivator towards spending responsibly. You can also check with your bank if they have features like automatic bills payments for your recurring bills, or even if they can automatically invest part of your income towards retirement funds or life insurance.

Learn all you can about how digital technology can help you achieve your financial goals. Download free apps that can track your spending habits or can help you create a budget.

Check your lifestyle and make some cuts
As widespread as it was, the pandemic has changed everyone’s daily lives the world over. For many, it has been a massive lifestyle change. In an instant, there was no more travel to look forward to, remote work began to become mainstream, and eating out in restaurants became ordering delivery and dining in at home.

Examine how the pandemic has affected you and your spending habits. Maybe you stopped checking in for a morning coffee at your favorite cafe. Maybe you don’t order from restaurants as much because you can cook meals at home now. Whatever the changes may be, ask yourself if anything of value was lost. If you are satisfied with your life even with all the lifestyle cuts, then why not take them out of your budget altogether?

Educate yourself
They say the best investment you can ever make is investing in yourself. If you want 2021 to be the year you start on your journey towards financial security, then it is a good idea to invest in your financial education.

You don’t need to enroll in any classes or buy any books (though they help!). Resources about financial education is all over the internet, from Investopedia to podcasts to your own bank’s website. Being financially educated means changing your mind-set to learn and understand money and all the ways it can help you improve your life. — Bjorn Biel M. Beltran

Protecting your assets through insurance

Protection is what insurance mainly gives clients. Knowing that the future cannot be completely certain for anybody, insurance, in its various ways of protecting one’s hard-earned assets, can give clients and their families peace of mind when illness, accidents, disruptions, or untimely passing comes.

Life insurance, for instance, is considered as “a means of providing an instant estate for survivors.” For Edward J. Metzen, a former chair of the current Department of Personal Financial Planning in the University of Missouri (UM), this benefit life insurance provides shows how much it prioritizes protection for clients.

“When buying life insurance, your primary concern should be providing adequate protection; the possible savings feature is a secondary consideration,” Mr. Metzen advised in a guide to insurance on UM’s website.

Such protection is not limited, nonetheless, to providing income to an insured’s dependents. Insurance can, in fact, prevent them from having to give off assets. This is what is often referred to as estate preservation.

Before the ownership of one’s assets can be transferred to another, an estate tax should be given to the government. The amount of this tax, however, might surprise survivors that they might even consider selling off some, if not all, of those assets just to pay the tax. Add to that unsettled debts and the burden expands.

Life insurance can prevent survivors from bearing this burden by using the premium to pay for taxes and unsettled debts.

“Life insurance can potentially cover whatever is due to the government so your loved ones don’t have to make difficult decisions,” local financial literacy platform Pesolab wrote.

Aside from estate preservation, life insurance is also considered an efficient way of estate creation. In addition to the aforementioned ‘instant estate,’ life insurance can also help equitably transfer wealth to later generations.

Shares of a family business, for instance, can be distributed to all members instead of solely to family members who are active in that business.

“Often, the business is the estate’s major asset and the amount remaining for family members who are not involved in the business is significantly less. Life insurance can provide a lump sum to the family members who do not have an interest in the business, to ensure a fair inheritance,” US-based wealth management service TD Wealth wrote in a document on life insurance’s role in asset protection.

Another way estate is created and protected through life insurance involves annuity, which provides investors with a guaranteed regular income stream while consequently facilitating the creation of an estate.

“Usually, a portion of the annuity income is used to pay the premiums for a life insurance policy with a face value (insurance benefit) equal to the amount of the annuity principal,” TD Wealth explained. “Upon death of the annuitant, the tax-free life insurance death benefit is paid to the annuitant’s beneficiary(ies) to replace the capital originally invested in the annuity.”

Furthermore, there are other types of insurance tailored to protect certain assets.

Property insurance is designed to protect an insured’s house, whether owned or rented, as well as other items he or she owns. In cases of natural calamities, theft, or fire, among other uncertainties, this kind of insurance should at least cover most of the replacement costs. It can also protect the owner/renter against personal liability if someone is injured at that property.

“Without property cover, you absorb all the risks in acquiring these assets. If you have adequate cover, however, you can rest easy knowing your insurer will pay you a lump sum benefit when your properties are caught in a natural disaster or a man-made accident,” Pesolab noted.

Auto insurance, meanwhile, covers the replacement of vehicles in case of accidents. Beyond that, auto insurance also provides coverage for liabilities (if the driver is the offending party) as well as medical-related expenses. Another financial platform, Grit.ph, in its guide to car insurance, finely stressed the importance of such policy: “It’s ‘protection for your pockets’ against car-related damages or accidents.”

Businesses are also not exempted from uncertainties, more so at present; so a policy designed for them will greatly help. Business insurance protects businesses from potential losses by providing coverage for their financial assets as well as intellectual and physical properties from lawsuits, property damage, theft, loss of income, and employee injuries and illnesses.

Business insurance comes in several forms. One of these is the business owner’s policy, which covers damage to property and even business interruption. Workers’ compensation insurance, meanwhile, covers medical and health bills of employees in case of workplace accident.

Group life insurance, or employee benefits package, is collectively provided by businesses to their employees; while data breach/cyber liability insurance can be used to protect businesses from costs resulting in digital attacks.

Assets, in their various forms, should regularly be appreciated and taken care of, and various insurance products in the market are capable of helping consumers become better stewards of their assets and themselves. — Adrian Paul B. Conoza